Thank you for standing by, and welcome to the Pushpay Holdings Limited Interim Results Investor Briefing. All participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session. If you have a question, you will need to press one on your telephone keypad. I would now like to hand the conference over to Gabrielle Wilson, Head of Investor Relations. Please go ahead. Thank you, Travis. Welcome to the Pushpay Holdings Limited Interim Results Investor Briefing for the six months ended 30 September 2021. Our interim results investor Apologies. It looks as though we have lost connection with Gabrielle. We'll hand over to the backup line. Thanks, Gabrielle. You can please go ahead on the backup line. Thank you. Welcome to the Pushpay Holdings Limited Interim Results Investor Briefing for the six months ended 30 September 2021. Our interim results and interim report can be found on NZX, along with briefing presentations. Please use this site, pushpay.com/investors/about-us. Before we begin, this 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 along with Pushpay's interim and annual report, market 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 of 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. However, no representations or warranties are made as to the accuracy or completeness of such information. All information in this investor briefing is current as of 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 Interim CFO, Richard Keys. Following Molly's presentation, Richard Keys and our Chief Operating Officer, Kevin Kuck, will be also 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 analysts and investors only. Members of the press are able to organize interviews with Molly following this briefing. Please get in touch with me by emailing investors@pushpay.com, and I will arrange this. Thank you for your attention. I will now hand it over to Pushpay's CEO, Molly Matthews. Thank you so much, Gabby. Good morning and good afternoon, everyone, and thank you for joining us for Pushpay's investor briefing for the six months ended 30 September 2021. I'd like to welcome any new shareholders who have joined the call and take this opportunity to thank all of our shareholders for their continued support. I'll now turn your attention to the presentation slides that accompanied our interim report, which was released to the market this morning. Before we begin, I would like to note that all dollar figures referred to in this presentation today are in US dollars, unless otherwise stated. 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 EBITDA growth over the period, while 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 realize strategic product bundling opportunities within the customer base. We completed the strategic acquisition of Resi Media, a market-leading streaming platform, 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 for mission-critical software to the U.S.-based 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 organizations worldwide. Pushpay solutions enable communities to stay connected and engaged through innovative digital means, which we know is now more important than ever. Turning to our agenda on slide three, today we will be covering the CEO update from myself, a people update, a product update, a financial update from our Interim CFO, Richard Keys, our outlook, and then we will open the call up for questions at the end. Now on to slide five. Looking at our key metrics over the six months ended 30 September 2021, we will go into more detail on the metrics, but to begin, I would like to highlight a few of our key operational metrics at a glance. Over the six months, Pushpay increased total product purchased by customers from 85,486 products to 122,229 products, an increase of 43%. We also increased our total customers from 10,896 to 14,095, an increase of 9% over the 12 months ended 30 September 2021. Our total processing volume increased from $3.2 billion-$3.5 billion, an increase of 9% over the six months ended 30 September 2021 when compared to the prior comparable period. Despite the impact being felt globally from COVID-19, Pushpay has maintained annual revenue retention of over 110% over the last 5 comparable periods ended 30 September, with the period ended 30 September 2021 maintaining this average. I am also pleased to report that Pushpay's total lifetime value of the customer base increased from $4.5 billion-$5.4 billion, an increase of 20% over the six-month period when compared to the prior comparable period. Before we continue, I would like to take a moment to share an update on how we are thinking about our business and our reporting as we move into our next phase of growth. The acquisition of Resi Media, which we completed at the end of August 2021, significantly changed the way we think about our business. As a result, we have reviewed the metrics that we consider demonstrate. From an operational perspective, the metrics slide are where we will focus our attention when measuring our business as we continue to grow and evolve as a SaaS company. We will cover our other financial performance highlights later in this presentation. To look more closely at our total processing volume, which increased by 9% to $3.5 billion over the six months ended 30 September 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 utilized by customers, further development of our product set resulting in higher adoption and usage, and increased adoption of digital giving in our customer base. Now on to slide 7 for an update on our products. Following our acquisition of Church Community Builder, which was completed in December of 2019, and now with the addition of Resi Media into the company, our strategic focus on integrating the two solutions led to growth in our total products purchased by customers over the 6 months ended 30 September 2021. Through execution of our strategy, we increased our total products, which includes our donor management system, church management system, and streaming solutions from 12,725 to 18,229 products, an increase of 43% over the 12 months ended 30 September 2021. Moving to Slide 8, the acquisition of Resi Media was part of our strategy to attract an increased number of new customers across multiple segments while providing the ability to realize material synergy opportunities through product bundling and integration with Pushpay's sales and marketing engine. During the COVID-19 environment, it became obvious that churches we serve are looking for technology-enabled platforms to deliver content and engagement when and how their members are looking for it. The inclusion of Resi Media into our portfolio will allow customers to engage with their communities and manage live streamed and on-demand media content, apps, digital giving and more, all in one place. With Resi Media solutions integrated within our portfolio of brands, Pushpay has a significant opportunity to increase the number of products purchased by customers, as shown here on this chart. We have a significant opportunity to deliver increased value and grow the number of customers that utilize one or more of Pushpay's products through integration and bundling of our solutions. I would also like to highlight that as of 30 September, with the addition of customers, we were delighted to welcome to the Resi acquisition. Over 75% of the top 100 largest churches in the Outreach 100 list use one or more of Pushpay's products. Resi Media has a higher number of customers in the list than Pushpay had prior to the acquisition, which presents us with another great opportunity to sell donor management and church management to additional large churches. Turning to slide nine, the expansion of our footprint has significantly expanded our total customer count from 10,896 to 14,095 customers, an increase of 29% over the 12 months ended 30 September 2021. As we continue to execute on our sales strategy, our primary focus is on increasing revenue by growing the number of products purchased by customers and offering bundled solutions to existing customers while continuing to net new customers to the business and stepping into the Catholic segment. Resi Media's customers consist of thousands of organizations around the world seeking to engage their online audiences better through a consistently high-quality platform. Churches make up the largest percent of the customer base, and due to the unique ability to offer resilient streaming in extreme circumstances, Resi Media has also been utilized by many other clients in education, sports, and a variety of corporations. This gives us an exciting future with significant growth potential over time. I'll now turn to slide 10 to look more closely at some of our key financial performance highlights and metrics. As we enter our next phase of growth, these are the financial metrics that we will be focusing on. I know Richard will dive into this in further detail, but I'm quite proud of the next few metrics, so I'll just touch on them briefly. Pushpay increased operating revenue by $7.9 million to $93.5 million for the six months ended 30 September 2021, an increase of 9%. Excluding Resi Media, Pushpay increased operating revenue by $6.1 million, an increase of 7%. Pushpay enters its next phase of growth with durable and sustainable gross margin. Gross margin increased from 68% to 69% for the six-month period. Pushpay increased EBITDAFI to $26.9 million for the six-month period. The group reviews its performance using underlying EBITDAFI, which excludes the costs such as acquisition-related costs, and believes this measure provides a more appropriate representation of group performance. Underlying EBITDAFI increased by $3.1 million to $29.6 million, an increase of 12%. Net profit after tax increased by $5.7 million to $19.1 million over the six-month period, an increase of 43% when compared to the prior comparable period. Operating cash flow increased from $27 million to $30 million, an increase of 14% over the six-month period when compared to the prior comparable period. I'll now turn to slide 12. As I mentioned earlier, Pushpay strengthened its value proposition by completing the strategic acquisition of 100% of Resi Media for $150 million in cash and Pushpay shares effective 25 August 2021. Resi Media is a U.S.-based high-growth SaaS company serving customers predominantly in the faith sector, and we are thrilled to have welcomed many new colleagues based in Colorado and Texas, as well as new customers. Resi Media's offerings comprise live streaming services to web, social media, mobile apps, and other locations, and multi-site streaming, which delivers video to remote locations. The addition of Resi Media further broadens our core product offering and strengthens our digital technology strategy as we continue to execute against our shared strategic goals. Moving now to slide 13 for an update on our Catholic initiative, something I'm personally excited about. Over the first half, we continued to work toward our strategic initiative of entering the Catholic segment of the market. Pushpay has successfully established its value proposition within the Protestant segment of the market, and we remain focused on maintaining solid market share growth in this segment. We intend to replicate our success in the Protestant segment as we expand our services into the Catholic segment, where significant long-term opportunity exists. With over $30 billion given to Catholic services in the U.S. in 2016, the Catholic segment represents an estimated $330 million annual revenue opportunity. Catholic dioceses and parishes are increasingly seeking these solutions, driven to provide digital giving solutions, as well as a recognition that an online and mobile presence is required as a part of an effective engagement strategy. Turning to slide 14, Pushpay is currently focused on engagement and ramping go-to-market resources for the Catholic initiative. We expect the benefits from the Catholic segment to be realized incrementally over the course of the following financial years. In September 2021, our Catholic product brand for the Pushpay suite of products, ParishStaq, was introduced to a targeted group of priests, parishes, and dioceses at the International Catholic Stewardship Council. As we increase our presence within the Catholic segment, we are seeing the majority of Catholic customers adopt the ParishStaq platform, further validating the market hypothesis around the efficacy of a full product solution for both Protestant and Catholic churches. Moving now to slide 15 for an update on our people at Pushpay. We are extremely proud of our people who continue to adapt to the challenging and changing circumstances of the evolving COVID-19 environment. We prioritize the well-being and health of our employees to ensure that they thrive, as we know the dedication and commitment of our team is the reason for our success. As we continue to execute on our strategy, attracting and retaining exceptional talent is critical to our success. Turning to slide 16, the composition of our board further evolved over the first six months of the financial year. Bruce Gordon resigned as Non-executive Director effective 16 June 2010. The board and management thank Bruce for his invaluable contribution to the board and immense support of Pushpay over the past 10 years. In September 2021, we were pleased to welcome two new U.S.-based directors to the board, Sumita Pandit as an Independent Director and Don as a Non-executive Director. Sumita is the Chief Operating Officer of dLocal, a technology-first payments platform enabling global enterprise merchants to connect with billions of consumers in emerging markets. Prior to joining dLocal, Sumita was Managing Director and Global Head of fintech Investment Banking for JP Morgan. Sumita brings nearly two decades of experience in investment banking, advising companies across verticals in fintech, including payments, financial software, neobanks, and insurtech. Don is a senior advisor to Sixth Street, providing guidance to portfolio company CEOs and management teams on strategic and operational issues associated with growth. He brings a 30-year track record of innovation, vision and execution in creating successful growth companies. Don has served as chairman, non-executive chairman and director on over 35 boards, and he was also previously a managing director at Bain Capital Ventures. On our management team, Kevin Kuck was appointed as Chief Operations Officer in August 2021 after previously serving as Senior Vice President of Operations. Kevin has spent over seven years at Pushpay, and his expertise on organizational design and process improvement has helped to enable the company to quickly scale amidst years of rapid growth. He played an integral part in the success of the Church Community Builder acquisition, guiding the IT and operations team through the business integration process. Kevin's leadership has helped ensure the longevity of Pushpay systems and tools which enable the company and its employees to serve its customers well. Shane Sampson resigned as CFO effective the first of October 2021. The board and management thank Shane for his dedication and commitment to the company over the past six years. Richard Keys was appointed as interim CFO effective sixth September 2021. Richard is an experienced listed company executive with 30 years of healthcare and management experience in large and complex organizations. He has held a number of executive and non-executive roles, including Chief Executive Officer at Abano Healthcare Group Limited from 2015 to 2021. Richard has a strong strategic governance and leadership skills and is providing strength to the Pushpay leadership team while recruitment for a U.S.-based CFO is underway. I'll now move to slide 19 to highlight our recent product updates. Pushpay's software is built to grow communities, and we are driven by our purpose to bring people together by strengthening community, connection and belonging. To highlight a few of the newest releases, in July, Pushpay made self-access giving statements available in the app. This feature enables individuals to retrieve their giving statements directly from Pushpay's custom church app and simplifies the giving statement distribution process for churches and donor development activities during tax season. In August of 2021, Pushpay launched a check-in announcement feature, which allows churches to create an informational message to share with families as they are checking in service or events. These messages enable the church to share important updates, such as new instructions for their reopening efforts or safety protocol related to COVID-19. In August of 2021, we also released a public needs capability in the custom church app, which allows congregants to view and sign up for specific opportunities in their church without having to log in or even have a profile in their software. Our powerful mobile first end-to-end software solution is reforming how the faith sector encourages in a simple and effective way, and enables customers to offer greater ease of interaction, increased participation, and the ability to build stronger relationships within their communities. With that, I'll now hand it over to Richard Keys, our Interim CFO, for a finance update. Thank you, Molly. Good morning and good afternoon, everybody. Turning to slide 21, headed Income Statement, you can see our operating income increased by $7.9 million to $95 million, an increase of 9%. During the period, we processed $3.5 billion worth of transactions, again up 9%. Other revenue reflected the change from the Callaghan Innovation Grant, which we received last year, now received as a tax credit this year. While it will not be included in other revenue, it will be included in tax, and so is neutral to net profit after tax and to cash flow. Good cost control means margins were maintained. This year, we've also reported using underlying EBITDA or earnings before interest, tax, depreciation, amortization, foreign exchange impacts and impairments. This non-IFRS measure excludes costs such as the Resi acquisition costs and the non-cash adjustments required by IFRS relating to acquisitions. We will report on this on a constant basis and believe it is a more appropriate measure of the group's performance. Using this measure, underlying EBITDA increased $29.6 million, a 12% increase over the prior period. Net profit after tax increased $5.7 million to $19.1 million, a 43% increase. One of the reasons for the high percentage lift compared to the increase in underlying EBITDA percentage was due to the positive change in the foreign exchange rate during the period in reflecting our New Zealand entities reporting on a New Zealand functional currency. Full details and further management commentary on our results can be found on page 29 to 35 of the interim report. Moving to slide 22, this provides a breakdown of our revenue results. As you can see, with the growth in revenue, we've continued our long-term revenue growth. The other operating revenue reported in this table is largely hardware sales from the new acquisition at Resi Media. The gross margin percentage at 69% increased slightly over the last comparison period of 1%. If we move to the next slide on page 23, as we can see from the trend, Pushpay continues to have a sustained and durable gross margin of around that 69%. Moving to slide 24, this provides the reconciliation between EBITDA through to underlying EBITDA. There are two main adjustments made to EBITDA. The first being the transaction costs associated with Resi Media, which includes the legal and due diligence costs for the acquisition. The second one is the impact on vendor-restricted shares on employee benefits. This is the impact of the $9 million equity that was provided to the vendors of Resi and is subject to a clawback. Under IFRS, this is required to be expensed as an employee expense over the next two years, even though it's not a cash expense. Moving to slide 25, there are two things I'd like to point out on this slide in the statement of financial position. The first is that the purchase of Resi increased our intangibles by $141 million, hence the big increase in the intangible assets. This was funded by a facility which was syndicated between BNZ and JPMorgan Chase. While originally it was more, at period the interest is reduced to $80. Thank you, Molly. Thank you, Richard, for that update. Looking at slide 27 for the outlook on our Catholic Initiative. As previously disclosed, the current financial year is serving as a key period of initial investment as Pushpay team focuses on establishing relationships and increasing engagement with key stakeholders within the Catholic segment. While Pushpay has made an initial investment in talent over the first half of this financial year, our overall investment into the Catholic Initiative is currently lower than originally anticipated, primarily due to the recruitment process in a tight labor market being slightly slower than expected. Pushpay expects to further increase product design and development headcount up to plan over the remainder of the current financial year as we continue to develop the functionality of our suite of products to serve the Catholic segment. Where appropriate, we will be capitalizing any product design and development costs associated with the Catholic initiative. As we shared at the start of the financial year, the Catholic initiative is our first step in investing to grow our customer base outside of our core existing market. We have set the goal of acquiring more than 25% of the Catholic church management system and donor management system market over the next five years. Turning to slide 28 for an update on guidance. Pushpay has reported a positive start for the first half of the current financial year, and we expect continued revenue growth as we continue to execute on our strategy to gain further market share and growth through continued innovation of our products, bundling products for existing and new customers, integration of Resi Media, and expanding into the Catholic market. Pushpay believes this is the best way to maximize shareholder value in both the short and long term. As I mentioned earlier, during the first quarter, we experienced lower total processing volume growth than expected, with the second quarter improving with double-digit growth compared to the same period last year. We have also seen ongoing impacts from the COVID-19 environment, with consolidation of some churches, particularly in the small segment, and slower decision-making on new subscriptions, particularly over the U.S. summer holiday period. We have plans in place to address this and expect to see this improve. Like other organizations, Pushpay has felt the impacts of rising wage pressures of the competitive hiring and retention environment in both the U.S. and New Zealand markets. Particularly in the IT sector. As we remain committed to attracting and retaining high quality talent, staff costs have increased more than originally anticipated, and as we respond to the competitive environment. Pushpay is now expecting to achieve underlying EBITDAFI for the year ending 31 March 2022 of between $60 million and $65 million. Although uncertainties and impacts surrounding COVID-19 and the broader U.S. economic environment remain. Excluding the costs associated with impact of the investment into the Catholic initiative, Pushpay expects to achieve underlying EBITDAFI for the year ending 31 March 2022 of between $62 million and $67 million. In the long term, Pushpay continues to increase the appeal of our products to new customers in existing and new segments of the market, increasing the number of products subscribed to by both existing and new customers, increasing the revenue per customer through combined innovation. Continuing to look at merger and acquisition as an opportunity to expand. We still believe there is opportunity in all areas of our core market to gain customers. We have been and will continue to strengthen our talent and leadership in sales and marketing to influence new growth initiatives, leaning into our thought leadership, expanding our penetration into partnerships and networks, and ensuring that we are successful in carrying out our go-to-market strategy for the Catholic initiative. Although we have maintained an average of over 110% in our annual revenue retention rate, we will continue to look to increase this number by ensuring that we have a holistic end-to-end customer journey that inspires our customers to use more of our products and add additional products. We continue to invest in on-demand learning and product training and high-quality staff members in order to get to this goal. 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 in 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 for your attention. With that, I'll now hand it over to the operator to open the call for questions. The first question today comes from Wassim Kisirwani from Jarden. Please go ahead. Yes. Good morning, everyone. Molly, can I just ask, can I confirm, I think new customers over the last six months in March. You've obviously provided that the growth in product, adjust for the. Yes. Thank you for your question. We didn't report our number at this point in time. Okay. I mean, it looks like it's gone slightly backwards. Is that the case? No, that's not the case that we can look to potentially at the annual report time or in our update. We have really focused our attention, as you can see in the report and the brief today, around product holdings and the growth that we are experiencing, both how we cross-sell to existing customers, but the number of products that net new customers are adding at the same time. Great. Okay. Just one more for me, just on any update on the Catholic pilot underway in terms of how many churches are now part of that pilot program and what's the process here in terms of an end date or re-review period for the pilot? Sure. Absolutely. The pilot's going very well. We continue to onboard new churches in that archdiocese area through a cohort model. We're adding new churches to the platform regularly. We're also seeing growth that are joining us outside of diocese or archdiocese levels agreements, which is also an exciting kind of growth opportunity for us. Again, if you remember back to our call earlier this year, we have kind of a two-pronged approach. We're selling into both local parishes and into diocese and archdiocese. We're seeing both of those models working well for us. Okay. Can you say how many sort of new Catholic clients you've acquired over either on full clients or pilot clients over the last six months? We're not reporting on that number at this time. Great. Thanks, Molly. Thank you. Thank you. The next question comes from Garry Sherriff from RBC. Please go ahead. Hi, and thank you for the questions. Firstly, just on that processing revenue, when you talked about the Q1 being lower than expected, what happened there specifically? You also mentioned plans in place to turn that around. I'm just trying to get if they are still in Q1. Yes, absolutely. Gary, thank you for the question. In the first quarter of this year for us, which is, you know, April, May, June, and then heading into the summer months, the one thing that we can say is, you know, we now are very blessed to have over 14,000 customers and can look into our own database to gather some learnings. We've sliced and diced that data about total processing volume. What we could see was it was just an overall softening of dollars given to local churches as opposed to any specific area, segment, region of the United States that was impacted. The other kind of good news story there is we definitely saw that improve across just seeing that, you know, period we're about a month and a half into our third quarter as well. I would just say, you know, we kind of point toward continued disruption in the U.S.-based lots of start-stops of returning to kind of full services for our customers as well as, you know, in the United States, we had a lack of what's called vacationing or holiday time for about 18 months. We saw a lot of people really lean into spring and summer as an opportunity to get away, and we think that had an impact on overall giving to U.S. churches. Okay, understood. More to do with an anomaly in terms of seasonality, more that. Again, this time next year, one would not be expecting that, I suspect. That's our hope as well. Yeah. Okay. Secondly, the plans that you mentioned you had in place to sort of turn around those volumes. Yes. There are a few things that we really lean into. Thought leadership is one, which I know that's a bit of a general term, but it really means driving additional giving behavior and kinda leading from the front when it comes to how we coach our customers on engaging with their communities around year-end giving and kind of returning to church, leveraging wonderful speakers, content. We have an internal tool that we call Pushpay University that delivers content out to our customers, where they're able to get best practices and learn from each other on how to really deeply engage with givers and those givers who have stopped giving. That's one of those areas. The other piece that we have in place is just, you know, really refreshing our digital marketing landscape to ensure that we are maintaining a constant first position in that space. Thank you. Last two questions. One's on wage cost pressure that you've alluded to, and secondly, on the Catholic segment. The wage cost pressure, what are you guys doing to try and alleviate that? I mean, I think in many sectors, not just tech, there's a huge amount of demand, and it feels as though that wage inflation is coming, particularly in tech. Could you give us a sense as to what you guys are doing to try and combat that? Yeah, happy to, Gary. I'm actually gonna pass over to Kevin Kuck, who leads our human resources functions as well as his many other hats at Pushpay, to speak to that. Thanks, Molly. Thanks for the question, Garry Sherriff. We're aware of the macro trends in both the New Zealand and U.S. markets, and as part of our ongoing HR program of work, we review role-specific remuneration on an ongoing basis to ensure that we remain competitive in all of our hiring markets. We have part of that process that's underway through the first half of this year. We are estimating that there will be some increase to wage costs in the area of 10%-15%. It's something that we're addressing head on. We've been able to use that to address our retention efforts as well and still remain competitive as we look to grow headcount. Thank you, Kevin. The last question is just in relation to the Catholic segment. I just wanna clarify. You've got a goal of capturing 25% of the Catholic market over the next 5 years. You stated in your pack that the Catholic services segment generated about $20 billion, I think, in the pack in 2016 for the faith market. I mean, should we be assuming that 25%, should we just assume that implies what, a 7.5 billion processing volume from the Catholic segment over the next 5 years? Is that how we should think about the Catholic market? I just wanted to clarify that 25% goal that you've alluded to. I think you can think about it both from a processing volume standpoint, but it as well as a SaaS standpoint. We kind of clearly called out that our goal is to sell both the giving or donor management solution and our ChMS solution as well as Resi Media. We kinda think of it as a balance. I believe that the number we said was 30. 30 billion. Yeah. Yes. Yep, 30. That's, you know, for us, it's about 27% of the overall giving happening in the United States. Mm-hmm. I'll just say, Garry, you know this about us, you've followed us for a long time. We love big, audacious goals, and we really challenge ourselves to push and drive hard in order to really disrupt that space. I would just say if you wanna think about it, that is a blend of both the giving revenue that would come through from processing volume, but then also, you know, adding new customers and SaaS fees for ChMS and Resi Media. Okay, got you. Regardless, it's a big number. How should we think about the revenue contribution, say, for the remainder of 2021 and maybe 2022 is probably more appropriate from the Catholic segment? I mean, I know you flagged you expect that segment to be realized incrementally, but could we just get a broad guide, I guess, on if not 2021, because it's so early, maybe 2022 on how we should think about, you know, total revenue contribution from that segment from your perspective. Sure. When we first put together this business case, you know, we really thought about kind of at year three of a five-year plan as the time where we would see that pendulum swing across. You know, we really believe that in order to from a revenue standpoint, we have to invest at this point in time. I would say it would be safe to look at it as the first year and a half here. The next year and a half will be about investment. When we get to calendar year 2023, that's really when we plan to see that kind of swing across and begin to pay back. No high-level numbers, I guess, in relation to what we should think about for 2023 in terms of just a broad revenue potential view good? I'm comfortable sharing today. Got it. it. Thanks very much. Thank you. Thank you. The next question comes from Stephen Ridgewell from Craigs. Please go ahead. Good morning. Well, just note in response to an earlier question, you know, you're not giving out specifics on customer numbers, but just wondering if you could give us, you know, a flavor of whether, you know, Pushpay was, you know, winning or losing market share, you know, in the core parts of the business payments and church management systems. You know, perhaps a few data or an idea in the large, medium, and small segments of the market. That'd be helpful just to get a flavor of direction there. Sure. I apologize, Stephen, you're breaking up just a little for me. I believe you're asking if we're seeing growth or backwards movement in our core market. I would just say continuing to grow customers in our core market. As I shared at the top of the year, the other thing that we've seen with the addition of Church Community Builder and the launch of both ChurchStaq is we do have additional small customers, although that's not our core focus, that are willing to purchase our products at the list prices. We have seen an increase of small customers that are coming to us because they desire to have a best-in-class, holistic, kind of one-stop-shop solution, which we're happy to serve them, and we're continuing to push, you know, into middle to medium and large churches as well. Okay. Thank you. Just in terms of the full year guide, and I think it's fair to say, you know, an increase in staff costs and wages was pretty clearly signaled at Investor Day in September. Just to kind of help you know the analysts, I guess, you know, should we be baking in, you know what, 10%-15% growth in overall overheads in the second half versus the first half, and then maybe a little bit extra for full year period contribution from Resi Media? If you take the $33 million in direct costs in the first half, you grow that by between 10% and 15% and then, you know, allow for an extra, you know, four months or so of trading for Resi Media to get to where you might land. Would that be a fair way to start in terms of thinking about costs in the second half? I think a fair way to start is just to think about the fact that, you know, we have through this COVID-19 environment, we've really tried to be effective in balancing growth when we think about adding heads for the Catholic initiative to being lean and agile where we can be and just be wise. We saw a little bit of a softening of the first quarter here. I think that it's, you know, we don't have plans, especially on the Resi Media side, to grow by a specific amount across the second half year. We do believe and I'll have Kevin and Rick speak into this if they'd like to, but, you know, there are synergies opportunities between Resi and Pushpay. They actually ran quite lean when it came to kind of back office staffing. Think HR, legal, finance for joining us, which was fantastic. We feel like we already have a great start there and have begun to lean it. You know, we really believe that any added headcounts should be producing additional growth and revenue for us. That's how we look at it. Sure, sure. I appreciate the directional kind of guidance is understood. I guess if you put Resi Media to one side and look at the core business, you know, you've obviously got better insight than we do, and we, you know, Pushpay's headcounts and kind of what the staff wage growth bill's gonna look like in the second half. I'm just wondering is there any more specific guidance you can give on overall overheads in the second half? Is 10%-15% the number for all overheads we should be thinking about or, you know, ex Resi Media, or is it, you know, a lot of- I think that's aiming a bit high. We don't have plans to increase our headcount in the core market at this point in time. We do have plans to increase in order to fill those heads needed for our Catholic initiative. Okay. We'll continue that offline. Just one last one from me. The topic of the day, I suppose, cryptocurrency. Are you seeing demand from, you know, churches, to start accepting cryptocurrency as payment? Is this something that Pushpay would consider offering? That's a fun question, Steven. Thank you. We do not have current plans on our roadmap. We do have a very small number of customers who inquire about it. I would just say, like all things in the payments ecosystem, we stay abreast of changes. We research and make sure that we are both investing in things that are appropriate for our core market fit in the long term. Also one of the things that we heavily leverage when new, kind of new, whether it be payment methods like Apple Pay, you know, or different items like that come out, we really do attempt to lean into partnership and integration. I would just say that's something we're researching at the moment, but we don't have hard and fast plans around. Okay. Thank you very much. Thank you. Once again, to ask a question, please press star one on your phone. The next question comes from Phil Campbell from UBS. Please go ahead. Yeah. Morning, everyone, or afternoon. Just a question on the guidance because I think it is underlying EBITDA guidance. So I'm assuming that excludes the Resi Media transaction costs of nearly $2 million. That's correct. That was kinda my first question. The second question, just in terms of the guidance, excluding the Catholic initiative, obviously looks as though there's only $2 million being spent this year. I'm assuming that the original Catholic guidance that will be deferred into FY 2023. Is that correct? Yes. I'll actually have Richard hop in and answer that one. Thanks for that question. Yes, it is maintaining what we said we were going to do from the previous guidance, but just the spend will be largely in the second half as opposed to the first half, as Molly indicated. I'm just checking because it's got underlying EBITDA of $60 million-$65 million, and then if you back out the Catholic, it's $62 million-$67 million. It's implying $2 million whereas, previously you were kinda talking more like $4 million-$6 million of Catholic spend this year. I think that was before the capitalized expenses. Once you take the capitalization out of that, the impact to the profit and loss would only be about 40%-50%, I think, from memory. Right. Okay. Gotcha. Is it possible to give us in terms of customer numbers, do we know how many Resi Media customers are Pushpay customers? If you take a look, I'm gonna have to just flip back. There was a chart in the presentation that was shared that shows product holdings. I think that's the best place to look, Phil, just to see which page is that? I think it's page six and seven, kind of shows those. Maybe I'm off on my page number. Oh, sorry, page eight. If you take a look at page eight, you can see that red piece is those customers that have all three products. I think that's the best way to kinda peek at that. Right. Okay. I think at the time when you announced Resi Media, there was, you know, nearly 3,000 Resi customers that weren't Pushpay customers. Is that the number? I don't think that's the hard number. We can maybe take that one offline, Phil, but we- Okay. Again, you know, things that we wanna make sure that we're doing is we're really talking about our opportunity to grow our product holdings. You're true in saying there were many customers, the majority actually of the Resi Media customers were not existing Pushpay donor management customers. That leaves a wonderful opportunity for us. Yeah. Great. The other one was just, I suppose, talking about the cross-sell opportunity, just, if you're able to give us any color for when you're doing a ChurchStaq-type product offering, or even a ParishStaq, for example, like, what is the kind of level of discounting, you know, and has that been changing over the last six months? It hasn't been changing. We, you know, we've always used some level, you know, and it varies based on the promotions that we're running at any given time to attract net members to our business. We have a fantastic way of cross-selling to our existing customer bases with, you know, people who are already on their account and the kind of problem statement or the problems that those customers are trying to solve for. We plan to extend that into the Resi business as well. I would just say that from a discounting perspective, when we're cross-selling, it doesn't necessarily, it isn't heavily discounted. We do discount sometimes when we're selling to new customers just to have, again, those promotable events to kind of attract that buying behavior out of a customer. Great. Awesome. Just maybe the final one for me was just, you know, I think when you started, Molly, you were kind of had quite a good focus on culture within the business. Just wondering how you were going in terms of that journey, and if you can share with us any. I'm assuming you do, like, internal surveys and stuff like that, so. We do. Thank you, Phil, for that question. You know, culture is something that's very important to me. I think in order for us to be a hyper-growth company, we have to have a winning culture. We have been diving in on several different levels internally. One of them being really ensuring that people have the opportunity to grow their career here at Pushpay, another being just increased transparency around internal communications. I think that those initiatives are going really well. We actually have our next survey set to head out in the month of the end of November. I don't have any details to give you today, but I would just say, you know, I definitely have gotten tons of feedback from our associates that we are taking ground, as I like to say, in improving the culture at Pushpay. Okay, great. Thank you. Thank you. The next question comes from Jamie Foulkes from Forsyth Barr. Please go ahead. Morning, all. Two quick questions from me, please. Firstly, maybe for you, Molly. To help explain the soft Q1, on speaking to churches recently, are they expecting donation per capita to increase with physical reopening? You know, is this a function of online fatigue, per se? And how should we think about general congregation sizes post-reopening? And have churches kind of seen successful retention of members with the return to physical church? Great question, Jamie. Thank you. I would just say, you know, that you're spot on in saying that the measurement of church attendance has changed a bit. It's ebbed and flowed across the last two years from some. You know, this has been the case, honestly, for the last five or six years, where some churches only count a physical attendee as, you know, as a member or an attender, where other churches really celebrate and count those that engage with them through digital means, whether it's app participation, watching a live sermon on a Sunday, or downloading and watching that later in the week. What I would say is, you know, here in the U.S., which is actually the case I know in Australia and New Zealand as well, we've had many different situations where we have, you know, kind of gone back to the return in person and then had to look backwards and have, you know, limited attendance for large gatherings. I would just say from that softening, I really do believe that that was just some fatigue in the United States in general around participating, whether it be digitally or just, you know, kind of the routine of being at home so much. When the opportunity arose for communities across the U.S. to take holiday, spend some time outside as the weather was nicer here, they really took that opportunity. The exciting thing, and again, I can point to our own data set, is that we have seen that kind of softening only take place in that first quarter. We've seen an improvement in the second quarter, and we've seen even further improvement in the third quarter. I do think that that was a seasonal kind of situational situation, and we're really looking forward to that returning back to a little bit more of a normal. But again, when I say normal, I think hybrid. Meaning churches are going to have in-person services, build community in person, but they're also going to continue to heavily lean on digital participation, and that's why the acquisition of Resi is so important to us, to be able to really lean into and leverage the data that's collected and the quality that's given in those digital engagements. Thanks. That all makes sense. Secondly, you know, how in line have you been on price growth versus volume growth in the half? Have you put price increases through, or are you continuing to offer, you know, bundled discounts? Yeah. It depends on the situation, I would just say. When we talk about pricing discounts, again, we really reserve that primarily for attracting net new customers to our business for a promotional period. When we're talking about price increases, I think it's pretty safe to say, especially in the season, that wasn't the right decision for our customer bases who are experiencing, you know, a change in behavior in their communities. In certain circumstances, especially on the smaller end of town, those smaller churches, they're seeing a decrease in attendance. That didn't feel like the right thing to do to really focus in on retaining our customers or processing volume. What we do is we sell more product to our existing customers. When we... You know, sometimes when we hear about price increase, we need to make sure that we're really breaking that down to understand, is that a price increase for the same services they've received in the past, or are they asking us for more? Are we selling them more of our product, and that price then would increase because they're adding additional product. Just to be clear, on a like-for-like basis, you're saying there's been virtually no price increase in the half? Right. Great. Thank you. Uh-huh. Thank you. Our last question today comes from Tom Deacon from Macquarie Group. Please go ahead. Morning, guys. Thanks for taking the question. Just one on guidance. At the time of the Resi acquisition, you said that there was gonna be a deferred revenue adjustment. Is that still the expectation for the full year? I'll actually pass that across to Richard to answer that question. Thanks, Tom. Thanks, Molly. Thanks, Tom. Yes, there will be an adjustment. As part of the underlying, the EBITDAFI on that slide, I'm just trying to flick to it now. We actually called out some of it. You can see there's the fair value discount on unearned revenue there of $277. The total deferred, I'm just quickly grabbing it while I've got it in front of me, will be $1.4 over the next 18 months. Hence why we're calling it out. It's non-cash, and it's an IFRS adjustment. It's great, Richard. Thanks for clarifying that. Next one probably for Molly, just around customers. You know, I guess in the FY 2021 result, you guys saw a reduction in churn, particularly in the smaller end of town. Are you guys able to provide any color as to how customer churn numbers have profiled post FY 2021? Thank you. Yeah, happy to. Thank you, Tom. We have really been continuing to work on it. It will forever be a focus for us. As I was talking about earlier, you know, we desire to be a best-in-class software company, and growing that retention rate is always a focus. I'm very happy to report that our retention rate has remained high and strong. The only area that I would say, and it's actually kind of a good news story, is we've done such a nice job in retention that even though some churches are, as I mentioned before, unfortunately have had to close in that small end of town or are merging with other churches, we've still been able to continue to hold retention rates across this last year. Thanks, Molly. That's helpful. You know, just one last one on customers. Obviously, there was some impact during COVID that you guys weren't able to get a direct sales team into the medium and large churches. How has your access been trending with the direct sales force of late? What should we expect in the second half? Thanks. We had to really be quite mindful, you know, between those medium and large churches desire to have relationships with people who they're making buying decisions from. Members are feeling safe and protected. We give a ton of credit to our people's teams and how they've helped us to manage this. We have seen a return to some events towards the end of the summer and into the fall. We've also been encouraging, where it's safe, both our customer success and sales teams back out there and shake hands and greet people and ensure that we're building important relationships. I would just say, as it's safe to do, and, you know, we follow local guidance, always, that we will continue to ensure that our sales, marketing, and customer success teams are able to get out and in front of our prospective, medium and large customers. Thanks, Molly. That's really helpful. That's it from me. Appreciate the time. Wonderful. I'll pass that back to the operator really quickly. Thank you. We're showing no further questions if you wanted to proceed with closing remarks, Molly. Wonderful. Thank you. Thank you again for your time and questions. I'd particularly like to thank our shareholders for your continued support and confidence, our teams in the U.S. and New Zealand for their hard work. I especially want to thank all of our customers around the world for their loyalty and excitement, as these results are ultimately in thanks to their important support to us. I'll now hand it back over to Gabby. Thank you, Molly. If there are any additional questions or for press, please contact me by email at investors@pushpay.com. Playback of today's investor briefing will be available within the next 24 hours for 30 days. The playback can be accessed by dialing 0800-886-078 in New Zealand. For all other international locations, please dial +649-929-3905. The playback PIN number is 10017100. We'd like to thank you again for your time. Have a great day. Thank you. That does conclude our conference. You may now disconnect your lines.