Thank you for standing by, and welcome to the Pushpay Holdings Limited Annual 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 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, Head of Investor Relations. Please go ahead. Thank you, Noah, and welcome to the Pushpay Holdings Limited Annual Results Investor Briefing for the year ended 31 March 2022. Our annual report and annual results investor briefing presentation have been released in the NZX and ASX. Please visit our website, pushpay.com/investors/announcements if you do not have a copy. Before we begin, please note that all information in this presentation is subject to the disclaimer on Slide 2 of this presentation. All currency amounts are in US dollars unless stated otherwise. Turning to Slide 3. Today you'll be hearing from our CEO, Molly Matthews, and our interim CFO, Richard Keys. Following Molly's presentation, Richard Keys, our Chief Growth Officer, Jason Rupert, and our Chief Operating Officer, Kevin Kuck, and our Chief Technology Officer, Aaron Senneff, 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 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, Gabrielle. Good morning and good afternoon, everyone, and thank you for joining us for Pushpay's investor briefing for the year ended 31 March 2022. 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. Following my first full year as CEO, I'm pleased to be reporting to you today with more detail on how we have continued to lay the groundwork for growth across the next 5 years. We have made a very deliberate and conscious decision to invest further into our business over the next 12 months, particularly into people, by expanding our team with highly talented individuals who will help us to innovate, develop, and expand the identified growth opportunities. I would like to take a moment to recognize our Pushpay team, who admirably adapted to the challenges of this last year and continue to deliver exceptional service and World-Class products that help our customers and their communities across the globe. Pushpay's purpose is to bring people together by strengthening community, connection and belonging. Our innovative technology solutions empower customers to increase participation and engagement and build stronger relationships with their communities, which is now more important than ever. Over the last year, our business continued its positive growth performance, welcoming new customers, increasing the number of products utilized by customers, increasing our total processing volume, and delivering solid financial results for the year ended 31 March 2022 or FY22. Pushpay delivered revenue growth, underlying EBITDA growth, and net profit growth over the period, while maintaining sustainable margins and underlying operating metrics. We will cover performance in more detail later in the presentation, but before we do that, a key highlight of mine during the financial year was the acquisition of a leading video streaming provider, Resi Media, in August 2021. We are delighted to have welcomed the Resi team to Pushpay and are excited for the future of our business as we continue to integrate our solutions and provide increased value for our customers. Now on to Slide 5. Looking at our key metrics over the 2022 financial year, we saw year-on-Year growth in all of our key operational metrics. We will cover these in more detail on later Slides, but in summary, we grew total customer numbers by 30%, increased the total number of products utilized by customers by 40%, and increased processing volume by 10%. During the year, 36.9 million transactions were processed through our platform. We have 2.9 million unique donors, and the average transaction value processed increased to $206 per transaction. Pushpay has maintained an average annual revenue retention rate of over 100% on average for the last 5 years, including the FY22 period. Turning to Slide 6, we also saw year-on-Year uplift in our financial metrics. We will go into more detail on performance later in the presentation, but to highlight just a few, we surpassed the $200 million revenue milestone for the first time ever, with operating revenue increasing by 13% year-on-Year to $202.8 million. Pushpay also delivered on its guidance for the year ended 31 March 2022, with underlying EBITDA increasing by 8% to $62.4 million. Moving now to Slide 7 to look more closely at our total processing volume, which increased by 10% to $7.6 billion. Pleasingly, we saw positive trading months of the year. Processing accounts for 68% of Pushpay's revenue and growth, and this was driven from a few different factors. Continued growth in the number of donor management system or giving products utilized by existing and new customers. Further development and enhancement of existing products, resulting in higher adoption and usage, and we maintain the level of digital adoption within our customer base. Turning to Slide 8, operating revenue increased 13% to $202.8 million, growing by $23.7 million over the year, including $12.1 million from Resi Media. As we continue to execute on our growth strategy, we have initiatives underway to accelerate monthly recurring revenue growth. Early benefits are now being seen with the full benefits expected from FY24 onwards. Now on to Slide 9 for an update on customers. Our total customer base increased by 31% to 14,508 customers over the year, primarily due to the acquisition of Resi Media. The acquisition was part of our strategy to attract an increased number of new customers across multiple segments. Over the year, we added 3,409 net new customers, of which 2,858 were added at the date of acquisition of Resi Media. Excluding Resi, the level of net new customer adds of 551 new customers over the last year was softer than we expected due to FY22 headwinds, which I will cover in more detail. I'll also cover the improvements that we are making to address these challenges. Overall churn rates improved by 1%, reducing to 8% of customers, with churn in the medium and large segments improving on last year. We saw a slight increase in small segment churn, primarily due to the nature of customers in this segment and the impact from COVID-19, such as the consolidation of some churches. The medium and large segments remain our core focus as we continue to execute on our growth strategy. Moving on to the next section and taking a look at operating environment, our response to market conditions and key business events for the year. At the onset of COVID-19, our business felt a strong tailwind with a fundamental shift towards digital giving, which has remained. The pandemic environment has, however, created headwinds for our business. We have seen a change in the software buying behavior and consolidation of some churches in the small segment. Travel and In-Person events were still restricted to varying degrees, and we also felt the pressures from the increasingly competitive labor market in FY22. These headwinds affected our Go-To-Market strategy and our net new customers, including our Go-To-Market performance, which were lower than our internal expectations, with a higher percentage of small churches in our new customer mix. We implemented a number of initiatives during the year to respond to market conditions and drive growth. In particular, we appointed Jason Rupert as Chief Growth Officer and completed a comprehensive review of our sales and marketing organization to ensure that we are aligned and optimized. This work began in FY22 and will continue into FY23 as we focus on driving these initiatives to address the market and position the business for future growth and success. In response to the labor pressures, we completed a company-wide remuneration review, which increased costs and head count, and it enables us to continue to attract and retain great talent in a more competitive labor market. Looking at Slide 12, the 2022 financial year was a year of investment as we set the foundation for the Long-Term growth of our business. To call out a few of the highlights that I'm proud of, we completed the strategic acquisition of Resi and completed the integration of an in-stream giving button into the Resi streaming just 6 months after the acquisition was made. Resi streaming is now available in-app for our Pushpay customers. We maintained our established strength in our core market and completed our first year of investment into the Catholic segment. We also welcomed several new leaders and board members to Pushpay, who I am quite proud to be working alongside, and we'll be talking about them a little bit later in the presentation. Turning now to the next section, I'm excited to share an update about our strategy and our growth plans. On this Slide, we have outlined our Near-Term, Medium-Term, and Long-Term horizon opportunities and areas where we are investing in for growth and to add value to our business. In the short to medium term, we remain focused on integrating Resi Media into our portfolio of products, growing the number of products utilized by customers, and growing our share of customers within our target market. Our medium-term growth opportunity is continuing to expand into the Catholic segment, which offers a significant and exciting opportunity for our group. As we have previously stated, the Catholic initiative is our first step in investing to grow our customer base outside of our existing core customer vertical. We have set the goal of acquiring more than 25% of the total number of Catholic parishes as customers over the next 5 years. We believe this is the best way to maximize shareholder value in both the short and long term. Turning to Slide 15. Pushpay has a clear strategic pathway focused on Long-Term growth drivers, which include growing customer numbers, increasing the number of products utilized, expanding and enhancing Pushpay's suite of products, and increasing share of wallet. Key priorities and initiatives continue to be executed under each of these and are expected to deliver significant growth. By focusing on each of these 4 areas, we will grow our business in a sustainable and profitable manner, delivering value for our shareholders. We will now look at each of these growth drivers in turn and key initiatives under each of them. First, to Slide 16, we look at growing customer numbers. Our primary focus is on growing the number of medium customers in our mix. These customers have lower acquisition and support costs as a percentage of their revenue and offer a significant growth opportunity in which we can achieve a higher digital penetration rate. Our Go-To-Market strategy has now been optimized to better target this customer segment. While large customers and small customers remain quite important to us, growth in our medium customer segment is a key focus. The Catholic opportunity is one of our most exciting mid to Long-Term growth pathways. To reiterate, Catholic services generated $30 billion, or approximately 25% of the US faith giving in 2016. For Pushpay, our total addressable market has been estimated by a global third-party consultancy firm to be between $600 million and $700 million. There are approximately 17,000 Catholic parishes in the US, and our Long-Term target is to have 25% share of these parishes using Pushpay products. On to Slide 18. We have a clear 3-Year roadmap for our entry into the Catholic market. We have just completed our first 12 months, and we have made significant progress. We introduced ParishStaq, our tailored solution for the Catholic sector, built our Catholic team to 34 people, and have made great progress in building relationships with key partners and dioceses in the US, including the Archdiocese of Chicago. These dioceses are very important to our sales model. The diocese approve vendors for their areas, which enable the individual parishes within these dioceses to adopt the product, and this can represent hundreds of parishes within each diocese. Our team is focused on first being added to an approved vendor list for each diocese and then marketing our products and solutions to each individual parish. Pleasingly, even after only a very short time of having a product in market, we already have 173 parish customers. This is a strong start, and we expect it to escalate rapidly over the next few years as we continue to invest and market our offer. On Slide 19, we'll talk about the number of products utilized. Pushpay offers 3 products: our donor management system, church management system, and more recently, streaming solutions. Donor management is our core product. Our aim is to increase the number of products utilized by each customer, with our overall goal to have customers utilizing integrated solutions with all 3 products. The more products utilized by each of our customers, the more valuable our integrated solution is to them, thereby increasing our retention. On Slide 20, you can see the mix of products utilized by our customers and the growing number of each new product used as they are integrated into our suite. We saw growth in all 3 product groups over the year, with total products utilized growing by 40% to 19,039 products. Our focus is on driving adoption and increased use of multiple products through adoption of one of our integrated solutions. This Slide shows the number of customers using one, 2, or 3 products. As I mentioned earlier, our goal is to have customers using all of our products through an integrated solution. Customers who subscribe to multiple products deliver significantly higher revenue than a one-product customer, and using multiple products, as I've said before, helps with retention. Pleasingly, we saw an increase in the average number of products per customer in FY22, and this also shows the growth opportunity ahead for us in Cross-Referral and bundling. We'll move on now to talk about Resi Media. When we acquired Resi Media in August of last year, over 70% of their customers did not subscribe to an existing Pushpay product. This provides us with significant Cross-Referral opportunities for Resi customers to utilize Pushpay solutions and vice versa. As we move on to Slide 23, you can see that we have a clear 3-Year roadmap to leverage the value from the acquisition of Resi Media. Our focus in the 7 months since acquisition has been on integrating Resi into Pushpay's product suite and core business systems. Resi is now available in Pushpay's custom apps, and we are continuing to add to its functionality. In FY23, we will continue to integrate Resi into our sales and marketing engine. We will be focused on the significant Cross-Referral opportunities in the existing Resi and Pushpay customer base, as well as attracting net new customers to the Resi product. FY24 will continue to see revenue growth of greater than 20% and will result in positive underlying EBITDA earnings from Resi Media. As we move on now to Slide 24, we'll talk about expanding our existing product suite. One of Pushpay's continuing strengths is our ability to deliver seamless quality products and features that make it easier for our customers to increase participation, engagement, and build stronger relationships within their communities. Just a few of the features we have launched in this last year include a simplified process for distributing giving statements, the ability for individual community members to manage their volunteer schedules directly from their mobile phones, and app analytics, which provides deep insights into the church's digital congregation and mobile app engagement. A big focus for our development team during the year was integrating In-Stream giving and engagement into Resi Media. In April of 2022, a Pushpay in-stream giving button was integrated into Resi Media, enabling churches to embed a giving page or any URL directly into their stream as a call to action. On to Slide 25. Our 4th growth driver is to increase our share of wallet. This is the amount of a customer's total giving that is digital and processed through Pushpay's platform. We saw a transformational shift to digital giving due to COVID-19, and we have seen digital giving remain constant over the past year. Over time, it is expected that adoption and digital giving will continue to increase, and we are working with our customers on initiatives to both enhance giving and to increase digital adoption. Now on to Slide 26. The U.S.-based sector is worth across approximately $2.5 billion, with around $131 billion in giving each year. With Pushpay operating revenue of $202 million in FY22 and processing volumes of $7.6 billion, we have a significant opportunity ahead of us to grow our share. As you can also see, the opportunity to grow in the Catholic segment is a huge growth opportunity for us. Moving now to Slide 27 for an update on our people at Pushpay. As we continue to execute on our strategy, attracting and retaining exceptional talent is critical to our success. We have consciously grown our talent pool this year, increasing our headcount by 7% to 437 people, excluding Resi Media. This is slightly lower than our expected total at Year-End due to turnover and new hire onboarding timing. With the acquisition of Resi Media, we are delighted to welcome 122 new colleagues based primarily in Texas and Colorado. We have also invested in our people with a remuneration review and reset to attract and retain high-quality individuals. We are extremely proud of our purpose-driven culture and our people who continue to adapt to the challenging circumstances of an evolving macroeconomic environment. We also strengthened our leadership team with a number of strategic appointments. This includes Kevin Kuck as Chief Operations Officer, Jason Rupert as Chief Growth Officer, Angelique Rothermel as VP of Marketing, Natalie Burrows as VP of Product, and Richard Keys as Interim Chief Financial Officer. The expanded leadership team plays a vital role in executing our strategy and delivering value to our shareholders. Turning to Slide 29. We were also pleased to welcome 2 new U.S.-based directors to our board in September of 2021. Sumita Pandit as an independent director, and John Connolly 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 a Managing Director and Global Head of Fintech Investment Banking for J.P. Morgan. Sumita brings nearly 2 decades of experience in investment banking, advising companies across verticals in fintech, including payments, financial software, neobanks, and insurtech. John 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 thirty-Year track record of innovation, vision, and execution in creating successful growth companies. John and Sumita will both be standing for election by shareholders at this year's annual shareholder meeting. With that, I'll now hand it over to Richard Keys, our interim CFO, for a financial update. Thanks, Molly. Good morning and good afternoon to everybody. We'll start with the snapshot of the income statement on Slide 31. The financial year 2022 results reflect 7 months earnings and expenses from Resi Media, which was acquired on the 25th of August 2021. Pushpay's operating revenue grew by 13% and exceeded $200 million for the first time, which is a great milestone to achieve. Other revenue decreased, reflecting a growth grant being replaced by a tax incentive as a credit against income tax. This is neutral to our net profit after tax. Underlying EBITDAF increased by 8% to be $62.4 million and was in line with our guidance. In looking at our revenue in more detail on the next Slide, the $23.7 million increase in operating revenue was driven by growth in products utilized and customer numbers from both Pushpay's existing product offering and from the Resi Media acquisition. Excluding the $12.2 million in revenue contributed by Resi Media, which was for the 7 months of our ownership, Pushpay increased operating revenue by $11.6 million or 6%. Gross profit increased by 14% to $138.4 million. On the next Slide, we look at a further breakdown of operating revenue. You can see here the mix between subscription and processing revenue. Processing revenue is the biggest contributor and grew 7% year-on-Year, providing 68% of our total operating revenue. The 24% increase in subscription revenue is primarily driven by the acquisition of Resi Media, with 7 months of Resi customer subscriptions, including in the FY22 total. The other operating revenues are mainly hardware sales through Resi Media. You can see on the next Slide that gross margin as a percentage of operating revenue remains stable at 68%, which we view as a sustainable level going forward. Slide 35 shows operating expenses increased by $18.5 million over the year. Again, primarily due to the inclusion of $13.7 million in Resi Media operating expenses for the 7 months of ownership and including the impact from the vendor restricted shares, as well as the additional transaction costs of $2.3 million. Excluding these, operating expenses increased by $2.5 million, a 4% increase on the FY21 financial year. During the year, a deliberate decision was made to invest in our people with a remuneration review and reset, as well as an increased headcount. While the employment cost did increase as a result of this, the full-Year employment cost was slightly below internal expectations due to a slightly lower number of headcount than planned due to timing turnover. We have also had several strategic leadership appointments in FY22 and the annualized salaries associated with these, as well as the appointment of a permanent U.S.-Based CFO, will be seen in the FY23 year and onwards. On Slide 36, you can see the underlying EBITDAF increased by 8% to $62.4 million, reflecting investment into both the Catholic growth strategy and the Resi Media acquisition. Excluding revenue and expenses of these growth initiatives, underlying EBITDAF as a percentage of operating revenue increased to 34% in FY22 compared to 32% in FY21. On the next Slide is the underlying EBITDAF reconciliation. Pushpay reports underlying EBITDAF, which is EBITDAF excluding one-off changes as well as costs and IFRS accounting adjustments relating to transactions. This includes cash and Non-cash expenses such as transaction costs, expensing of the restricted shares provided to the vendors as part of the transaction, and fair valuing of unearned revenue acquired on acquisition. We believe that underlying EBITDAF is the measure which provides a more appropriate representation of the group's performance. Underlying EBITDAF increased 8% to $62.4 million during the year. Including the Non-recurring items, EBITDAF decreased by 7% when compared to the prior year. The next page contains a summary of our financial position. The company generated strong positive cash flow during FY22 of $61.5 million. The acquisition of Resi Media in August 2021 resulted in an increase in goodwill and an increase in debt funding, with a $90 million facility of the acquisition price funded by debt. With the strong cash flow, debt was reduced from the $90 million to $54 million as at 31 March 2022, with net debt on this date being $47.2 million. On the next Slide, we also announced today of Pushpay's intention to do an internal restructuring transaction of the intellectual property developed during the initial years of Pushpay's business. The majority of Pushpay's operating revenue is from the US and over time, there's been a shift in the group senior management and support functions to the US. Following a review of the international transfer pricing arrangements, Pushpay's intention is to enter into an internal restructuring transaction to transfer the IP from a New Zealand Pushpay subsidiary to a US Pushpay subsidiary. This will be a Non-cash transaction, with consideration being by way of an internal share transaction between the subsidiaries. The cost of the transaction will be included in both FY22 and FY23 and are excluded for underlying EBITDAF. Financial consequences of the transaction are expected to include an average reduction in the group's income tax of greater than $7 million annually for a number of financial years. We have been proactively engaged with the New Zealand Inland Revenue Department via an application for a binding ruling on key aspects of the transaction. Subject to final bank approval, it is expected that the transaction will be effected within the next few months. With that, I'll hand back over to Molly for the outlook. Thank you, Richard, for that update. Now turning to Slide 41 for an update on guidance. The unique opportunity ahead for Pushpay remains significant, and we see substantial room for growth. After many years of building our business and with the recent expansion of Pushpay through 2 significant acquisitions, we are now focused on developing our business for the future and are investing in targeted strategic growth initiatives. This investment will continue through FY23, with escalating returns expected from FY24. Although uncertainties and impacts surrounding COVID-19 and the broader US economic environment remain, we are confident we have a clear strategy and strong leadership in place to continue delivering value to our customers and our shareholders. Pushpay will continue to deliver top-line revenue and customer number growth in FY23 while investing into the business to drive growth opportunities and enable future scale. In particular, Pushpay is growing its talent pool and investing in resources and capability to drive the Catholic, Resi Media, and other growth initiatives. In FY23, the company is expecting to deliver double-digit annual operating revenue growth of between 10% and 15% and underlying EBITDA of between $56 million and $61 million, reflecting continued investment to capture growth opportunities. Turning to Slide 42. As we look ahead, our strategy positions us to deliver increasing shareholder value. In the short to medium term, we remain focused on integrating Resi Media into our portfolio of products, growing the number of products utilized by customers, and growing our share of customers within our target market. We expect strong growth from FY24 onwards, with significant revenue growth and increasing profitability. Pushpay is expecting greater than $10 billion of total processing volume and more than 20,000 customers for the year ending 31 March 2025. We are focused on profitable growth and will continue to invest to build our market share in new and existing market opportunities. We expect the benefits from our FY22 and FY23 investment into talent, resources, and capability balanced with continued cost management discipline to be seen from FY24, with underlying EBITDAF expected to grow faster than revenue. Our medium to longer term focus is to expand into the Catholic segment, which offers a significant and exciting opportunity for our group. As previously stated, the Catholic initiative is our first step in investing to grow our customer base outside of our core customer market. We have set the goal of acquiring more than 25% of the total number of Catholic parishes as customers over the next 5 years. Pushpay's success would not be possible without the expert direction from our board of directors, successful execution from management, and the hard work of our dedicated colleagues. I would like to extend my thanks to all of the Pushpay team for their efforts and support over the past year. Thank you for your attention. With that, I'll now hand it back over to the 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 2. If you're 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. Hey, good morning and good afternoon, and congratulations on the results. Just first question from me on organic customer growth, which looks to have picked up a little bit in the second 1/2. It looks like you've called out a reduction in churn among medium and large customers. Are there any other drivers, Molly, to call out that was perhaps leading to a pickup in that organic customer growth rate in the second 1/2? Yeah, thank you for the question, Stephen. I'll actually start the answer, and then I'm going to pass it across to Jason Rupert to talk a little bit about how we've been leaning into customer growth in the past 1/4, as well as how we're going to approach it in this upcoming year. We mentioned in the presentation that one of the key changes that we've made is ensuring that we have experienced sales and marketing leaders in place to ensure that we're winning in a few areas. Three, just to call out, and Jason will dive into these in more detail, is demand generation. The second is ensuring that we're updating sales processes and training to drive more consistent outcomes. The 1/3 is really enhancing our sales enablement and tooling. With that, I'll pass over to Jason, our new Chief Growth Officer, to share a little bit about his plans for this upcoming year. Thanks, Molly. I'd say since joining the team in February, I have been really focused on driving and refreshing our Go-To-Market strategy. We went through and completed a very comprehensive review of our strategy, and of all of our Go-To-Market initiatives, with that market strategy, and really to align that with our sales and marketing organizations. One of the things we did includes the addition of experienced Go-To-Market executives, including Angelique Rothermel, who Molly talked about earlier. She's been driving brand awareness and product marketing innovation while World Vision, which was the largest faith-based NGO in the world, as well as upleveling our senior leadership team with World-Class industry experience driving software Go-To-Market teams. You know, as we look to drive customer segmentation upward with medium and enterprise customers, we have brought on new leadership and sales professionals in our enterprise group also. Our sellers have years of driving software deals at large, complex enterprise-level companies, which is what we're seeing in the faith-based field. What are we doing? Again, Molly touched on these a little bit. We've updated our sales processes to be more effective to drive discipline and rigor around pipeline management, so we can be a much more predictable, robust sales organization. Secondly, we've rebuilt our demand generation strategy and approach to align with our growth strategies of our core market with Resi and our Catholic segments. Third, investment in our sales and marketing teams through strong sales enablement and tooling to take advantage of our product enhancements. It's critical that we continue to invest in our sales teams and processes. When you talk about those items that we just went through, it's really to kinda tie back to our key growth initiatives, which is drive growth in our core market of medium and enterprise, and we're really seeing the value proposition resonate there. Growth in the Catholic segment and then growth in Resi. Okay, thanks. Just maybe just Follow-Up to that. If you were sort of looking at the small, medium, large segments of the sort of core Protestant market, did you see a somewhat uptick any particular segment there? I would definitely say in this past year, we did see an increase in the small segment customers. That's, you know, we define that as customers that are size 0 to 200. We did see an increase there more than we had planned. In this upcoming year, one of the things that we're hyper-focused on is increasing our share in the mid-market space. Okay. Thanks, Molly. This may be one for Richard on EBITDA margins. The guidance for FY23, probably a little bit lower than I was expecting. I think it's at 25.6% at the midpoint, down from 30.8%. Just in terms of the Catholic guidance, you know, that seemed to be improving year on year. We do have Resi Media fairly at breakeven, you know, contributing for a full year, so it'll be diluting margin. Just wondering if you could perhaps call out a little bit in a little more detail than we've heard on the call so far, just the drivers of the kind of margin decrease year over year, and perhaps how, you know, how quickly that unwinds, you know, in FY24 and beyond. Sure. Thanks, Stephen. Look, let's break it into a couple of things. As you mentioned, Resi Media, we're expecting growth of revenue greater than 20%, but for the coming year, we still expect to be breakeven at underlying EBITDAF. That does not help the margin, but certainly grows the business. And that's Resi. When you look at Catholic, the same situation, that is growing revenue, but we will also be breakeven at EBITDAF. Both those 2 things are suppressing the margin for the coming year. On top of that, as Molly mentioned, and I think I mentioned as well, we have the annualized cost of the new management appointments as well as the remuneration review last year, which is being annualized into the current year. We called it out that we expect our... If you annualize the number of people we've got at 31 March and annualize their employee benefits as at 31 March, that's approximately $71 million of employee benefits. That's just simply annualizing it. That includes about $15 million for Resi. All of those things combined would mean that our margin will soften a little bit in the next 12 months, but we do expect it to then, as I said, as we said, revert back up. No, that's helpful. Thanks, Richard. Just on that point, I think product design and dev headcount that was called out as being up 25%, including Resi. You know, what was it kind of increasing ex Resi? I guess, you know, what kind of run rate would you be pointing us to in terms of kind of dev headcount in FY23? Sure. Look, I don't have that directly in front of me. I know that we are still increasing, particularly in Catholic and some of the other areas. You asked excluding Resi. Catholic is very clearly outside of that Resi. We do still expect to have some headcount left in 2023, but it won't be at the same level as what we had in 2022. Okay. Thank you. I'll let someone else have a turn and maybe jump back on the queue. Thank you. Thanks, Stephen. Thank you. Your next question comes from Phil Campbell with UBS. Please go ahead. Yeah. Morning, everyone. Just again, just focusing on the guidance, just in terms of the revenue growth that, 10%-15%. When I back out, really it does imply kind of midpoint for the church, kind of business more around a kind of a 12% type revenue growth. I suppose I'd just be kind of interested in some of the drivers behind that in terms of what you forecast after transaction growth or what you're thinking in terms of overall donations and possibly take rates. That was the first question. Then the second one is obviously there's a few comments in there just in terms of FY25 numbers. Just be kind of interested in your comments around, you know, how you know, how much conviction you have in terms of getting customer numbers up to 20,000 and obviously that processing revenue number above $10 billion, just kind of how, you know, obviously, that's a number of years away, the 25 target. Just interested in how you're kind of forecasting that or how much kind of visibility you think you have on those numbers. Wonderful. Thank you so much for the question, Phil. I'm gonna actually pass that over to Richard to dive in. Thanks for that question. The question in regards to 25, what we've done is we have forecasted out several years in advance. Clearly with some of these projects, such as Resi and Catholic, these are Multi-Year initiatives of growth. When you look at what we expect to do with Catholic, which is grow from a standing start less than 12 months ago to now having a team of 34 and 173 churches on board. We expect over the next 5 years to achieve about 25% of the number of parishes in that TAM market. When you model that out, that actually gets you pretty much to the area of growth that we are expecting. On top of that, in regard to processing, there's some federal initiatives that we're looking to do in the next period of time, which is to help church increase their digital penetration, help people with regards to giving and giving more regularly. That also will have an impact over the next period of time. Then lastly, as Molly said, the processing growth, and we have had a lower than we expected year. We still had growth in the last 12 months. While that's impacted processing a little bit, what we expect with the medium and large growth with the Catholic and Presbyterian and the other churches, we will see that processing growth continue to grow, particularly in future years. Share of wallet as well as new customers. Just on the Catholic side of things, I did notice the TAM had gone up since the last presentation, I think from $330 million up to $600 million-$700 million. I know you've, I think, employed a 1/3-Party consultant on that. Just curious as to it's almost obviously, you know, doubled that size of that TAM for the Catholic opportunity. Just trying to understand what's behind that. Sure. So look, we had feedback from the market that they weren't quite sure on that TAM. We actually had a 1/3-Party international consultant go and do some research, which we're able to look at. That's their numbers. We think they are realistic and achievable. Just to be clear, that's for 100% of the market. We're not saying that's what we will do. We will have a portion of that, but certainly it's been verified externally by a global consulting firm. Great. Awesome. Thanks. Pleasure. Thank you, Phil. Thank you. Your next question comes from Guy Hooper from Jarden. Please go ahead. Yeah. Thanks for taking my questions. Now, if I just pick up on the Catholic TAM one from Phil. Like, what was the difference between the 1/3 party consultant's view of the TAM and yours? Like, where did that difference actually come from? Yeah, great question, Guy, and thank you for asking. The original TAM data that we were looking at is well published across, you know, public websites, Pew Research and several others here in the United States. It was a little bit older data, so from 2016 and actually before that even. I think some of the data was pointing to information from 2012. One of the things that we wanted to do and some of the feedback actually that we received from the market in the past was just wanting to refresh and take a new look at that data. We did engage a 1/3 party who went out and took a new view of the TAM for Catholic. Again, I just... Richard had pointed to this, but I wanna make sure it's very clear that those metrics are about 100% of the total addressable market, not the portion of the market that we believe that we'll have the ability to win. Okay. Thank you. Just on the Catholic spend, I mean, you highlighted that there's sort of $8 million-$11 million Catholic investment into FY23. I mean, is that the expected development peak? I noticed there was a comment also in 2024 about, the capitalized spend sort of remaining flat year-on-Year. What happens with the expense portion of that? So the development- Yeah. I'm sorry, Richard, go ahead. Sorry, Molly. The development, what we're saying is that the expense investment next year will be between $5 million and $7 million. Of that, $3 million to $4 million will be capitalized. We expect a similar like in 2024, and by then the development side will be tapering off on that. That's probably something Molly or Aaron may want to comment on. Aaron, why don't you comment on that? Yeah, certainly. Aaron Senneff, Chief Technology Officer. I'll first just say that we've been coming out of a really excellent optimistic year in terms of product development early this year. Of those expenses that Richard mentioned, we've really focused on 2 things early in the year. One was growing our customer knowledge and understanding the market well, the other, building our staff. We're primarily past those milestones and well into product development. I've then identified 2 very keystone types of capabilities I'll just point to. One is sacrament tracking, which is a significant use case inside of the Catholic Church that differs from Protestant churches. We launched that earlier this year and believe that's a market leading feature and has drawn significant interest from the marketplace. The other is diocesan reporting. As an example, the ability for a single diocese to roll up information and understand what's happening in each of their individual parishes and respond accordingly and well into the product development of that feature. We've, in addition to that, released a number of smaller features across this year and continue into the following years that continue to tune our product suite so that it's a natural fit for Catholic diocese and parishes in the United States. Okay. Thank you. Just, I guess one last one. I mean, clearly the revenue retention rates and lower churn are pretty positive signals, but can you share any other information just on, I guess, customer satisfaction scores or just customer feedback in general? Yeah, I'll take that one. Thanks for bringing that up, Guy. We are quite proud of our customer retention progress. I've shared at the interim results is something that we've been focused on, very focused on over the last 3-4 years, is just improving that churn metric. One of the things that's a large initiative for us as we head into this year, as you know, we've acquired Church Community Builder and Resi Media, and so really have the opportunity to solidify around an NPS score that's consistent across all of our products and all of our customer types. That will be going into the water in this upcoming year, so that we'll have a published NPS score that's available. Anecdotally, I actually had the opportunity last week to be on the road and visiting some of our customers, and it's, you know, it's just very impressive to hear how they are uniquely leveraging our tools and technology to grow and enhance their impact in their community. I actually had the chance to visit a larger customer last week who has founded an accredited college for 400 students, and they're able to leverage, you know, Pushpay's donor management system to raise funds in order to both plant and then grow that college community. So definitely getting great feedback. On the Catholic side, you know, we included in our annual report, you can see a really wonderful customer story from one of our Catholic parishes. One of the unique ways that they're able to leverage technology to grow community, both on the donor side, but honestly on the Church Community Builder, the CHMS side, really able to connect and grow their community in unique ways. Seeing and hearing great things from the market. You know, if you've been on any of the customer, the public facing kind of customer boards or reference boards for Resi Media, they just have absolute raving fans of their product. They have, you know, a great retention rate for their customers as well. They really have, you know, created raving fans, which is what everybody desires in their customer base. Great. Thanks for the answers. I'll let someone else jump in. All right. Thanks, Guy. Thank you. Your next question comes from Tim Malone with Nikko AM. Please go ahead. Yeah, morning, guys. Thanks for taking my questions. I'm not sure if you're gonna be able to answer these, but I'm gonna ask them anyway, just on the expression of interest. Just the first question, could you give us any color on the type of who might be making this expression of interest? Is it, like, a PE firm, a trade firm, or financial firm? Hey, Tim, thanks so much for the question. As we previously disclosed, we have received unsolicited, Non-binding conditional expressions of interest or approaches from 1/3 parties. The board has appointed Goldman Sachs to assist as our financial advisor. You know, as you know, there's no certainty that these expressions of interest or approaches will result in a transaction. We don't have anything further that we're able to disclose today. For our team that's on the call, it is absolutely business as usual, and we are hyper-focused on growing our company. Okay. Cool. Thanks. Can I just follow up for a couple more questions? If the answer is that you can't disclose anything, that's fine. My next question is, have you set up a, like, a defense committee at the board level? If you can answer that, could you tell me who might be on that committee? Unfortunately, I'm unable to answer that question today. Have you set up a data room for the purpose of due diligence? Again, Tim, I'm unable to answer any questions. Okay, cool. -about- Yeah, no. Understood. Thanks, Molly. Cheers. Thank you. Your next question comes from Godfrey Ng with RBC. Please go ahead. Good morning, Molly. It's actually Garry Sherriff here. I'm just dialing in on Godfrey's line. The questions I've got, I guess the first one, the sales growth rate in the core business. I mean, if you exclude Resi, you guys have flagged that it was only 6% operating revenue growth. Is there something more there? Is there increased competition? Is there customer behavior change with some of these larger churches taking longer to make decisions? Just trying to. If I look historically at your core growth rates, you know, they're materially higher than that. Just trying to check if there's anything going on outside of, you know, what you've disclosed from a competitive standpoint or a customer behavior standpoint that you could give some more information on. Sure. Hey, Garry. Thank you so much for the question. I'll start, and then Jason, if you wanted to add any color commentary, go for it. You know, as you can imagine, the last 2 years have been very, very disruptive for our core market and customers, both medium and large customers. The thought of changing providers through that very tumultuous time was quite difficult. We did see the buying behavior slow quite significantly across our core markets. You know, we've seen an increase in the competitive landscape for the last 3 or 4 years, but that has not changed significantly. We have seen some consolidation in our space, which I'm sure you guys are all aware of. We've been, you know, very grateful to welcome Resi Media and Church Community Builder as a part of some of that consolidation. The one thing that I will kind of point to is, you know, we are seeing some behavior change as we're sort of coming out of the Easter season. We're seeing, you know, our larger mid-market and large-sized churches taking more meetings, taking more calls, returning back to some Pre-COVID behavior, attending conferences. The summer is quite busy for our sales team. We just looked at the calendar today of all of the events that we'll be attending. I would just say, I don't think there's been an increase in competitive landscape that has been in existence for us for the last 3 years. We did see a significant slowing in buying behavior over the last 2 years, but we are beginning to see things kind of come back to, I would. I think normal is a dangerous word today, but back to a little bit more of a consistent kind of buying behavior out of our customers. Jason, anything you wanna add? Yeah, no. I agree with Molly. Certainly through the COVID situation, you saw some churches have to make quick decisions on a solution to get them through not having you know their members in church. They had to make some decisions on how to handle giving and other solutions. One of the exciting things we're seeing, as Molly said, we're starting to really see the pipeline grow, which is you know super important for future success. Another thing we are seeing Molly mention is we're seeing more and more face-to-face, more and more meetings with customers to walk through the discovery phase. I think some of the improvements we've made from a product standpoint is really resonating with customers as they're coming out of you know a little bit of the COVID you know COVID sickness. We're really seeing, I think, an uptick in customers starting to look at what is their Long-Term solution. The exciting thing is we're starting to see customers that made a decision over the last 2 years get educated enough to realize that that's not the solution they need to really kinda meet their strategy. They're looking to Pushpay to really see that we're solving the pain points that the church has to drive engagement. That's really opened up a lot of opportunities for us. When we look about growing, we're really looking at also those churches that's made decisions in the last 2 to 3 years that we can go, you know, kinda go in and sell to that church with our solution. Thank you. To follow up to the FY23 guidance, that 10%-15% revenue growth, I mean, that implies about $25 million incremental revenue next year. Can you pull that apart into the 3 core areas? I guess if we look at core, Resi and Catholic, just trying to get a sense. I mean, I know the previous analyst mentioned core implied it was growing maybe at about 12%. Yeah, if you could just give us a bit more guidance around that 10%-15% growth, where it's coming from. Again, looking at from a core perspective, the Resi perspective, and the Catholic perspective of that $25 mil incremental revenue. Sure. I'm gonna actually ask Richard to hop in and just talk through what he's comfortable sharing or maybe even point back to a couple of the Slides about the different product kinda growth areas. Sure. Look, I think as we've said in the roadmap for Catholic, we do expect that to now be break even at EBITDA. I guess you can back solve what we've told you, what the expenses are of the gross margin. You can see that we do expect Catholic revenue to have quite strong growth, but we're talking small numbers, from that point of view. In regard to Resi, of course, we will have a full year of revenue in FY23. We've indicated the revenue for the 7 and a 1/2 months was about $12 million in 2022, and we'll look to annualize that and have growth. Again, I believe in the presentation which we've done, we've indicated that Resi will actually have 20% growth in revenue off that rolling through. Hopefully that gives you the breakdown of the 2 growth ones, so you can then go back to the core business. In regard to processing, as we said, we've seen growth in processing every single month for the last 12 months, and we do expect to see that continue during this year. Thank you. The last question on the Catholic segment. I just wanted to clarify that 25% or more than 25%, over the next 5 years that you've targeted. Just clarifying from a revenue perspective, does that imply about, well, over $150 million revenue? I mean, you flagged a TAM minimum of $600 million. You know, do we assume minimum, like, 25% of that is a $150 million revenue? Is that the way we should be thinking about the Catholic revenue contribution over the next 5 years? I'll start, and then Richard, if you wanna pick it up. I just wanna be clear that we are targeting 20%-25% of the Catholic parishes in 5 years, so winning their SaaS business with one of our products. One thing that we know to be true from our experience in the Protestant market is growth in digital adoption and processing volume takes time. That will not come right on the back of winning a deal. That takes some time for that processing volume to grow and for us to gain share of wallet out of those Catholic customers. Richard, did you wanna add anything from a processing volume standpoint? Look, I think that sums it up. We don't get 100% of their processing, clearly the share of wallet. I think with Catholic it might be a bit of a slower increase up to get that penetration. Catholic is a little bit more conservative than Evangelical and Presbyterian. I would not be going 20%-25% of the revenue in 5 years. Certainly the number of parishes, that's the target. Over time, we'll see the revenue follow after that. Understood. Yes, that's clear. Thank you very much. Thank you. That does conclude our question and answer session today. I'll now hand back to Ms. Matthews for closing remarks. Thank you so much, Noah, and thank you again for your time and questions today. 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, and all of our customers around the world for their loyalty, as these results are ultimately in thanks to their support. I'll now hand it back over to Gabrielle. 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 1020635. I would 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.