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 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 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 2022. Our interim report and interim results investor briefing presentation have been released to the NZX and ASX. Please visit our website, pushpay.com/investors/announcements if you do not have a copy. Before we begin, please note that all information in this presentation is subject to the disclaimer on slide two of the presentation. All currency amounts are in US dollars unless stated otherwise. Turning to slide three. Today you'll be hearing from our Board Chairman, Graham Shaw, CEO, Molly Matthews, Chief Growth Officer, Jason Rupert, and Interim CFO, Richard Keys. Following the presentation, all speakers will 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, 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, and I will now hand it over to Pushpay's CEO, Molly Matthews. Thank you, Gabby. Good morning and good afternoon, everyone, and thank you for joining us for Pushpay's investor briefing for the six months ended 30 September 2022. I'd like to welcome any new shareholders who have joined the call and take this opportunity to thank all of the shareholders for their continued support. Today I will be reporting to you in more detail on Pushpay's performance over the six-month period. As previously advised, the 2023 financial year represents an investment year for Pushpay. We have made a deliberate and conscious decision to invest further into the business and have taken significant steps to position Pushpay for growth, which I will share in more detail today. A key highlight of mine during the six months was welcoming the U.S. Army Chaplain Corps, as well as the Archdiocese of Seattle as Pushpay customers. These customers represent our strategy in action and the ability for Pushpay to support millions of people and organizations across the globe with our digital software solutions. I would like to take a moment to recognize our Pushpay team, who continue to deliver exceptional service and world-class products that help our customers and their communities across the globe despite the ever-changing macroeconomic conditions and challenges that our market faces. Now on to slide five. Looking at our key metrics over the first six months, we saw year-on-year growth in all of our key operational metrics, although at a slower rate than we anticipated. This is a result of our investment into the business as well as the go-to-market reset, which affected net new customer growth. This, combined with an uncertain economic backdrop due to rising interest rates, inflation, and labor costs, has led churches to reevaluate their purchasing decisions, resulting in lower new customer adds than expected. In many cases, this has caused churches to delay purchasing new software. While the rate of growth has been slower in the first half of 2023 than anticipated, encouraging signs are being seen from the work to date. We will cover these results in more details on later slides, but in summary, compared to the prior comparative period, we grew total customer numbers by 4%, increased the total number of products utilized by customers by 7%, and increased processing volumes by 2%. Pushpay has maintained an average annual revenue retention rate of over 100% on average for the last five years, including the last six-month period. During the six months, 18.2 million transactions were processed through our platform, 2.3 million unique donors made a payment, and the average transaction value processed increased to $198 per transaction. These metrics are something that I'm personally proud of, as they represent a significant amount of social good being done in our customers' communities and making real impacts on people all around the world. Turning to slide six. We delivered a 10% increase in revenue over the half-year period to $103 million, which primarily reflects the full benefit from the acquisition of Resi Media in August of 2021. Net new customer growth has been slower than anticipated as the majority of the go-to-market reset was completed, and this has affected the rate of revenue and processing volume growth. We will go into more detail on this letter, later in the presentation. Our gross margin remained stable at 69%, and we saw a softer period in our other financial metrics. As previously signaled and in line with Pushpay's investment in innovation and growth, underlying EBITDAF decreased by 10% from $29.6 million in the first half to $26.8 million in the first half of 2023. Operating cash flow of $16.9 million was down on the prior first half year. The cash flow includes $9.9 million of income tax paid, as Pushpay has utilized all New Zealand tax losses and is now in an income tax paying position. Moving now to slide seven to look more closely at our total processing volume, which increased by 2% to $2.6 billion. Processing volume growth was affected by a slower net new customer growth due to the go-to-market reset, which is expected to improve in the second half of FY 2023. Combined with delayed processing volumes as new customers are onboarded, along with fewer new donors attending existing churches. We also saw an increased number of unique donors and an increased average transaction value with flat total transactions processed, as well as increased recurring giving as a percentage of total processing volume. Now on to slide eight for an update on our customers. Our total customer base increased year-on-year by 4% to 14,602 customers. We welcomed 507 net new customers between 30 September 2021 and 30 September 2022. This growth was softer than expected due to the go-to-market strategy reset and an uncertain economic backdrop impacting customers' purchasing behavior. We welcomed 94 net new customer additions in the first half of 2023, and 48 of these were large customers driven by our Resi Media, Catholic, and nonprofit strategies. With a small decrease in net new Protestant customers. The first half is traditionally a slower period than the second half due to the U.S. summer holiday period. As I mentioned earlier, we welcomed the Archdiocese of Seattle in July, which added 134 parishes to the Pushpay platform as customers. In late September, we welcomed the U.S. Army Chaplain Corps, which added 51 public service organizations called garrisons across the world. Overall churn rates increased from 4% in the first half of 2022 to 5% in the opening customer count in the first half of 2023. The medium and large segments remain our core focus as we continue to execute on our growth strategy. Moving to slide nine. I will now hand it over to Pushpay's Board Chairman, Graham Shaw, for an update on the Scheme Implementation Agreement. Thanks, Molly, and good morning and afternoon to everyone on the call. On the 28th of October 2022, Pushpay announced that it has entered into a Scheme Implementation Agreement under which Sixth Street and BGH Capital Consortium, via Pegasus Bidco Limited, will acquire all of Pushpay shares at a price of $1.34 per share in cash by means of a scheme of arrangement. The Board being for this purpose, all of the Non-Conflicted Directors unanimously recommends that shareholders vote in favor of the scheme subject to the scheme price being within or above the independent advisor's valuation range for Pushpay shares and in the absence of a superior proposal. The Board has concluded that the Sixth Street, BGH Consortium scheme proposal currently represents the most compelling value for shareholders. Although we remain confident in the future of Pushpay, the transaction will accelerate the capital return to shareholders and mitigate the risks that would otherwise be involved in delivering the opportunities from executing Pushpay's strategic plan over time. Moving on to slide 11. I'd like to take a moment to highlight the Board process and rationale for the scheme recommendation in more detail. The Board, consisting of Non-Conflicted Directors, has been involved in the process of evaluating the detailed interest in acquiring Pushpay for the last six months. The Board undertook a comprehensive process to consider options to enhance shareholder value with support from external advisors. This included the possibility of continuing to implement the company's growth strategy as a public-listed company. After receiving a number of unsolicited expressions of interest, an outreach program was undertaken to solicit interest from other parties, with multiple parties expressing interest. The interested parties were then shortlisted down to a selected number to undertake due diligence. In parallel, the Board reassessed the range of outcomes from our current business plan by balancing the opportunities and execution risks we consider in the current environment. We requested and reviewed valuation assessments from our financial advisors and an independent valuation firm. These valuations were performed on a discounted cash flow analysis based on reasonable expectations of the future business cash flows and benchmark to implied premiums in comparable trading and transaction multiples. This advice supported the Board's view that the scheme price is within the Board's assessed value range based on our most reasonable expectations of the business plan and reflecting current cost of capital and exchange rate. While Pushpay has a strong long-term strategy, the full benefits of this will not be seen for several years and carries execution risk. Our recent trading and 2023 financial year guidance update have highlighted some of the challenges that the company is facing in a hopefully largely post-COVID world. After consideration, the Board believes the scheme represents certainty, accelerated value recognition without execution risk, and therefore merited presentation to shareholders. Further information on the scheme, including the independent advisor's report, will be provided to shareholders prior to the special meeting of shareholders, currently expected to be held by the end of March 2023. I'll now hand back to Molly for the business update. Thank you for the update, Graham. Moving on to the next section and a look at the operating environment, our response to market conditions and key business events for the year. Broader macroeconomic trends are affecting organizations across a range of industries. Tight labor markets and wage inflation are creating challenges for both our customers and our own business. Slowing U.S. economic growth is also putting pressure on new donor numbers within churches. Competition has also increased, although we have seen consolidation in the market commence. As I mentioned earlier, the first half was a soft period with net new customers and sales and marketing performance lower than our internal expectations. To address this, we implemented a number of initiatives over the last six months to respond to market conditions and drive growth. In particular, we completed the majority of our comprehensive review of our sales and marketing organizations to ensure we are aligned and optimized. This work began in the second half of FY 2022 and has continued into FY 2023 as we focus on driving these initiatives to address the market and position the business for future growth and success. While the majority is now complete, the initiatives involved with the go-to-market strategy reset will take some time to be fully seen. We have strengthened our leadership in sales and marketing and have strategies to further address the operating conditions. We are starting to see early signs of improvement from the reset with the recruitment of our new and experienced sales and marketing team. Like many businesses, we have felt the challenges in recruiting and retaining staff in the current market. One of my main priorities as CEO of Pushpay is ensuring we attract and retain top talent, and that we have a strong company culture that is upheld across all of our teams. With our strategic initiatives in place, pleasingly, recruitment and staff turnover have stabilized. We have also received a record high favorable engagement score on our employee survey completed in the last six months, with the score increasing by 32% since March 2021. I would now like to hand it over to Jason Rupert, Chief Growth Officer, who will share more detail on our go-to-market strategy reset. Thanks, Molly. Good morning and afternoon to everyone on the call. Turning to slide 14, I would like to highlight some of the activities completed under the go-to-market strategy reset initiative, as this was a significant piece of work that was completed over the last six months, and it has a direct benefit to our future success. I joined Pushpay in February of this year as Chief Growth Officer. As the market has continued to evolve, we recognize the need to adapt and strengthen our go-to-market functions. In response, we deeply reviewed our go-to-market processes and implemented initiatives to ensure our sales and marketing strategy is focused on effectively addressing our target market and segments. As a result, the evaluation of the existing sales and marketing team prompted several resource and organizational changes. Our sales enablement and training organizations have been aligned to focus on SaaS software best practice training. Demand generation strategies were also reviewed, which has resulted in an increased number of marketing qualified leads at the top of the sales pipeline while also improving the segment mix. We also transformed the pre-sales team to improve employee retention and focus on mid-market prospects and restructured our product marketing team. With the majority of the review now complete with actions in place, the reset has resulted in positive momentum across the business and is expected to optimize future performance and success. I will now turn it back over to Molly. Thank you, Jason. On to slide 16. As we communicated earlier in the year, Pushpay has a clear strategic pathway focused on four long-term drivers of growth, growing customer numbers, increasing the number of products utilized, expanding and enhancing Pushpay's suite of products, and increasing our share of wallet, which is the amount of a church's giving that is processed through our platform. The 2023 financial year is an investment year for Pushpay, and while the rate of growth has been slower in the first half, we are seeing encouraging signs from the work that we have done to date. We will now look at each of these growth drivers in turn and key initiatives for each of them. On slide 17, we look at our strategic progress with growing customer numbers. We welcome the Archdiocese of Seattle as a customer following a multi-month sales process. As of 30 September 2022, 134 parishes were added under the Archdiocese. We also welcomed the U.S. Army Chaplain Corps, adding 51 garrisons as software customers. As Jason shared earlier, we are now optimized to target the mid-market segment with our go-to-market strategy reset. We have continued focus on growing the number of medium and large customers, which have lower acquisition and support costs as a percentage of revenue. On to slide 18. We have a clear three year roadmap for entry into the Catholic market. We have commenced our second year of this strategy, and on this slide you can see the summary of the actions and the results that we have delivered on our Catholic growth strategy, which I will cover in more detail on the next slide. Moving to slide 19. During the last six months, we expanded our product development and sales teams to support the further enhancement of our ParishStaq offering. We launched comprehensive sacrament tracking with multi-language capabilities and increased functionality for parish administrators. Today, Pushpay is on the approved vendor list for 49 dioceses, up from 45 at year-end. These dioceses are a very important part of our sales model. As the diocese approves vendors for their area, which enables individual parishes within those dioceses to adopt the product, representing anywhere from 20 to 300 parishes. Our teams are focused on being added to approved vendor lists for each diocese and then marketing our products and solutions to each individual parish. After a very short time of having a product in the market, for eight months now, we have 326 parish customers, and we expect this to accelerate over the next few years as we continue to invest and market our offer. We are on track for expected investment and expenses of between $5 million-$7 million and expect to achieve break-even underlying EBITDAF for this fiscal year 2023. On slide 20, you can see the mix of products utilized by our customers and the growing numbers of each new product used as they are integrated into our suite. We saw growth in all three product groups over the six months, with total product utilized growing by 7% to 19,438 products year-on-year. While donor management is the group's core product, new donor management product additions were softer over the half year period. We have processes in place to lead with this product to increase new sales conversions with prospective customers and to increase the speed of value from this product. Onto slide 21. This slide shows the number of customers using one, two, or three 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. Using multiple products also helps with customer retention. The average number of products per customer increased from 26% in September of 2021 to 29% in September of 2022, which shows the growth opportunity ahead of us in cross-referral and bundling. Onto slide 22. Again, we have a clear three year roadmap to leverage the value from the acquisition of Resi Media. In August, we crossed the one year mark for Resi being a part of the Pushpay group. Throughout fiscal year 2023, we are continuing to integrate streaming services into our sales and marketing engine, and we'll be focused on the significant cross-sell opportunities within our customer base, as well as attracting new customers. In the last six months, we consolidated our IT teams and systems and launched enhancements to the Resi Media content storage and video library. While annualized subscription is expected to grow by approximately 20%, hardware revenue has been softer than expected, as both fewer existing and new customers are currently buying or updating hardware. Break-even and underlying EBITDAF remains on track. Onto slide 23. 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. A few of the features we have launched in the last six months include comprehensive sacrament tracking functionality for our Catholic parishes, as well as Spanish language translation in our church management system and LEAD App, which is our app for volunteer management. A big focus was also on continuing to enhance our donor management system. We improved conversion rates for all donation types, as well as delivering improvements for back-office reporting, error handling, check handling, refunds, and cancellations. With the continued strategic focus on the Catholic segment, the donor management system has been further enhanced to support new payment frequencies, organizational and data structures to better support the unique needs of our Catholic customers, ranging from standalone parishes to archdioceses and their wide-reaching communities. Onto slide 24. Our fourth 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 the Pushpay platform. We saw a transformational shift to digital giving due to COVID-19, and we have seen digital giving remain consistent following 31 March at approximately 55%. Over time, it is expected that adoption and digital giving will continue to increase, and we are working with customers on initiatives to both enhance giving and to increase digital adoption. Moving now to slide 26. I wanted to highlight our Pushpay Cares program and the great work that our teams do to make an impact on the lives of people in our local communities. Partnering with some of our customers and key philanthropic organizations, associates across our New Zealand and U.S. offices came together to volunteer with local organizations to give back to the community. With that, I'll now hand it over to Richard Keys, our Interim CFO, for a financial update. Thanks, Molly. Good morning, good afternoon, everyone. We start with a snapshot of the income statement on slide 27. The results for the six months ended 30 September reflect the full benefit from the acquisition of Resi Media in August 2021, with only one month of contribution in the prior comparable period. Operating revenue grew by 10% year-over-year, with operating expenses up 37%, largely due to the inclusion of six months of Resi Media. EBITDAF was impacted by the investment year and includes a number of non-recurring items, including costs related to the intercompany transfer of intellectual property, the expression of interest process in New Zealand IFRS accounting requirements relating to the Resi Media acquisition. Excluding these one-off costs and the IFRS accounting relating to acquisitions, underlying EBITDAF was $26.8 million, 10% down on the prior comparative period. Net profit after tax decreased by 54% when compared to prior comparative period due to lower EBITDAF, along with high interest and amortization costs associated with the purchase of Resi Media, as well as non-cash net foreign exchange losses compared to a $2.2 million gain in the prior period. More detailed information can be found in the management commentary section of our interim report. Looking at our revenue in more detail on slide 28, the 10% increase in operating revenue was largely driven by six months of subscription revenue from Resi Media, as well as growth in products and customers. Subscription revenue grew 28% year-on-year, with processing revenue growing by 1%. Other operating revenues are mainly hardware sales for Resi Media. Excluding the $10.5 million revenue contributed by Resi Media, Pushpay increased operating revenue by 1% compared to the prior comparable period. When looking at gross margin on slide 29, gross margin as a percentage of operating revenue remains stable at 69%, which we view as a sustainable level going forward. Slide 30 highlights the operating expenses, which increased by 37% over the period, primarily due to the inclusion of six months of operating expenses from Resi Media, payroll increases, as well as non-recurring costs. These costs include the impact of vendor restricted shares on employee benefits issued as part of the Resi Media acquisition and transaction costs associated with the intercompany transfer of intellectual property and the expression of interest process. Excluding the Resi Media expenses and non-recurring costs, operating expenses increased by 8%, which were largely payroll costs relating to a 7% increase in headcount and the financial year 2022 remuneration review. As can be seen on slide 31, underlying EBITDAF as a percentage of operating revenue has decreased by 26%, reflecting the investment in Catholic growth strategy and the inclusion of Resi Media, both of which contribute revenue and are expected to break even at EBITDAF at the end of this financial year. Slide 32 shows our statement of financial position. The company generated positive operating cash flow of $ 16.9 million for the six-month period. This was after the payment of income tax of $ 9.9 million, given Pushpay has utilized all its New Zealand tax losses in the last financial year and is now in an income tax paying position. Bank debt significantly reduced from $54 million at 31 March 2022 down to $40 million, with net debt being $35.1 million as at 30 September 2022. On slide 33, we reiterated in May that we announced our intention to do a restructuring transaction of the intellectual property developed during the initial years of Pushpay's business. The transfer of intellectual property would be from a New Zealand Pushpay subsidiary to a U.S. Pushpay subsidiary. While we've now received the binding ruling from the New Zealand Inland Revenue Department, along with banking approval, the transfer is on hold pending the outcome of the Scheme Implementation Agreement. With that, I'll hand back over to Molly for the outlook. Thank you, Richard, for that update. Turning now to slide 35 for an update on guidance. Looking ahead, FY 2023 remains an investment year for Pushpay, with early benefits expected to start being seen in the second half of FY 2023 onwards. We believe in our strategic growth plan and are continuing to execute on the opportunities ahead of us, albeit in a more challenging macroeconomic environment. While our go-to-market strategy reset has taken longer than anticipated and affected our growth rate in the short term to medium term, we are in a good position to move forward. As advised on 28th of October 2022, for the FY 2023 financial year, Pushpay expects to be at the lower end of its previous FY 2023 underlying EBITDAF guidance of between $56 million and $61 million. The company revised its guidance range for underlying EBITDAF to be between $54 million and $58 million. Pushpay continues to forecast positive operating revenue growth, has lowered expectations to be between 4% and 8% for FY 2023. Previous guidance was 10%-15%. Turning to slide 36. As we look to the medium term, Pushpay's FY 2025 goals of more than $10 billion in total processing volume and greater than 20,000 customers have not changed. However, due to the go-to-market reset taking longer than anticipated, the more challenging trading environment and macroeconomic outlook, this has extended our expected timeline to achieve our goals by 12-18 months on the basis that the current trends improve. We expect the benefits from this year's investment into talent, resources, and capability balanced with continued cost management discipline to be seen from FY 2024 onward, with underlying EBITDAF expected to grow faster than revenue. In the short to medium term, Pushpay remains focused on further integrating Resi Media into the portfolio of products, growing the number of products utilized by customers, and growing its share of customers within its target market. Pushpay's medium to long-term focus is to continue expansion into the Catholic segment, as well as nonprofit or public service organizations, which offers a new opportunity for the group. Pushpay's success would not be possible without the direction from our Board of Directors, 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 last year. Thank you for your attention. With that, I'll now hand it 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 then two. If you're using a speakerphone, please pick up the handset to ask your question. The first question today comes from Guy Hooper from Jarden. Please go ahead. Good morning, team. Thanks for taking my questions. I guess to start off, the reset of the go-to-market strategy, I mean, that was flagged at the last result, and as you said, was underway in second half 2022. You know, what about that reset, I guess, versus prior expectations has impacted the customer growth? I guess secondly, along the same vein, I mean, the delay in the medium-term targets or current trends. Can you give us a little bit of update, you know, what trends are impacting the customer growth and sort of how that compared to your expectations six months ago? Perfect. Thank you for your question, Guy. I'll start, and then I'll pass to Jason to get his perspective. One of the things that took a bit longer than anticipated was hiring the key leadership roles for our go-to-market team. Jason joined us in February of this year. We also added a new Head of Marketing as well as a VP of Sales across the spring and summer months. That did take a bit longer than anticipated. Jason, would you like to speak to progress and also the different economic trends you're seeing facing churches and how that's impacting our sales team? Yeah, you bet. I think adding on with what Molly said, you know, part of what we tried to do this year, we identified certain scenarios from really doing a deep dive analysis into all of our processes and realized we had to stabilize MQLs, and so our marketing qualified leads. We really started that playbook of generating more marketing leads. We've hired a new Senior Director of Demand Gen, which is really, you know, she's very experienced in the SaaS space. We're really looking at running that playbook to not only increase the MQLs, but also make sure they align with our corporate objectives and strategy in the right segment and mix. That is continuing. We're progressing. We see some really good leading indicators of how that'll drive success in the second half. The other thing Molly kinda touched on is we really had to reset our leadership team across the go-to-market functions, and we really brought in some experience that's been through this process several times. And that's starting to really pay off, stabilizing the team. We've really seen turnover really become nonexistent in a software sales organization. We've stabilized the team. We've upped the sales enablement to really make sure that the team's getting the consistent training and best practices to how to go in. Then layering on top of that, a little bit about what Molly talked about was economic conditions. You know, we are finding that, you know, with these uncertain economic, you know, conditions, rising interest rates, inflation, and labor costs, it is leading some churches to reevaluate kind of the timing of their purchase decisions. What that does is that has resulted in a little bit lower net new customer adds than we expected. The good thing in that is they're definitely looking at technology to help solve their problem, which is driving higher engagement in their community and growing their church. While they're still very engaged in the sales process, it is elongating the sales process somewhat. What they're doing is they're delaying their purchasing the new software. We believe, you know, that's definitely had an impact on adding customer new adds kind of through the first half. Great. Thank you. I guess. Yeah. Thanks, Jason. Like, I guess, you know, takeaway from that is, you know, sales lead time to get extended in the difficult times. I mean, how does the pipeline then compare to or, you know, how many, I guess, RFPs or you're competing for at the moment? How does that compare to where you would have expected to be? Yeah, I think all that we just talked about certainly was a little bit slower first half than we all would have liked, but I'd say what we're seeing is a really nice growth in our pipeline. I think as we again reestablished and made those detailed plans from the go-to-market and the marketing, our new marketing programs that we've launched, and really just kind of refocusing on our marketing strategy is really driving the top of the funnel, which is driving stronger pipeline. Also on the Catholic side, we're seeing stronger pipeline working with various several dioceses out there to kinda drive the pipeline up. I think seeing stronger pipeline, and I would say I would also classify that as a much more qualified pipeline than potentially maybe what we've seen in the past. As we changed our go-to-market, we also changed on how we score leads coming in. Therefore, it's really driving a higher quality lead, which is what we want, on top of driving higher pipeline, which again, we believe will really lead to the second half success. Great. Thanks. Just, I guess one last one for me then I'll go back to queue. Just any trends in product pricing? I mean, part of the optimization of the go-to-market strategy, you talked about targeting, you know, mid-market. Have you had to make any pricing concessions in order to win or to target those mid-market customers? Thanks for the question, Guy. We've definitely seen some pricing pressure on the smaller side. Smaller customers, I think, what we call SME or small and middle market. Our pricing has actually remained very durable in our enterprise or large segment, as well as in our Catholic segment. Some pricing pressures that we're handling with promotion and testing a few things from a pricing perspective. Again, that's been in the downmarket segment. Our pricing has remained very durable in enterprise and Catholic. Thank you. The next question comes from Garry Sherriff from RBC. Please go ahead. Yeah. Hi, all. Can you hear me okay? Yes. Just a couple of questions. One, in relation to have you had any discussions as yet on the result with the bidding party? If so, interested in their reaction or thoughts, particularly in relation to the timing delays on those longer term targets. Sure, Gary. The answer to that is yes, the bidding party was aware of our results prior to the market being released. They're obviously under NDA, so they are aware of these results. They were also aware of those pushing out of the longer term targets, given they typically have a longer term timeframe? Yes. They, of course, will have taken their own view on the future, but they were supplied our views. Again, I'm not an expert of New Zealand M&A law, but under the current offer, can the bidders revise their offer lower given those changes to the long-term targets? Firstly, they already had those before they signed the Scheme Implementation Agreement. I think that's the first point. In regards to varying the price, no, I don't believe they're able to vary it downwards. Okay, last question. Yeah, sorry. Keep going. Just to confirm, they had all this information prior to signing the Scheme Implementation Agreement. Okay. Yep. No, that's clear. Last two questions. One, in relation to your revenue growth guide for FY 2023, it implies about $8 million-$16 million incremental revenue. Where is the bulk of that growth coming from? Is that Resi Media or the core business? It's a combination of both of those, because remember that Resi Media, for the first six months, we were not comparing like for like, whereas the second six months we are. It's coming from both Resi Media and the core business. Okay. Thank you. Last question on you talked about recruiting a new sales and marketing team. Can you maybe just give us a sense of how many of your sales team have departed or maybe been advised to depart, and how many need to be recruited, or have been recruited, but you still have more to go? Sorry. First question, one, how many are departing? Two, how many need to be recruited? Of those that need to be recruited, how many have you actually recruited to date? I'll answer this high level. Jason had mentioned that we've really seen a very drastic improvement in the retention of our sales team. We did at the beginning of the year evaluate each staff member to ensure that we had a healthy sales, you know, kind of staff experience sales team who also understood our vertical insight. That's already been completed. At this point in time, the additions that are needed are already budgeted and incremental to the headcount that we have today. We aren't looking down the path of needing to add a tremendous amount of headcount in order to hit our goals. We're just in a place where if someone were to organically leave the business or be managed out for performance, that we would backfill them. The only exception to that is as per plan, we do plan to add a few additional sales people to the team to focus on the Catholic initiative. Very clear. Thanks very much. Thank you. To allow all parties to the opportunity to ask a question, please limit questions to one per person. The next question comes from Phil Campbell from UBS. Please go ahead. Hi. Morning, everybody. Just a question for Molly. I noticed that the churn went up largely in the medium-sized churches. I think you lost about 85 medium churches. Can you just give us a bit of color on what was causing that? You know, was it consolidation of churches or was it actually, you know, was it a price-based decision or was it some other reason why they were churning? That's great. Great question. Thank you, Phil. You're correct, that increase in churn is primarily in the middle market segment. I will say that there are kind of two factors at play. One is pricing pressure. When we think about pricing pressure, I think it's easy to go to our software price point. What I mean when I say pricing pressure is, as Jason and I both mentioned, the economic pressures that are on churches in the U.S. right now are the same that businesses are facing. They're facing increased labor costs, inflation in all of the core items that they need to run their organization. Many churches are having to make difficult decisions around software or, you know, reducing expenses across the Board. We're definitely seeing that more heavily in the middle market segment today. We are working quite intentionally to improve in different areas of our customer service organization to ensure that we're adding value as frequently as we possibly can to customers in that segment and beyond. What was the second reason, Molly? The pricing pressure is definitely, but then also I think you had asked if this was due to consolidation. We don't see consolidation or churches kind of falling away or merging in the middle market segments as much as we do in the small church space. Again, that's churches that are under size 200. In that mid-market segment, it's pressures on budget. Then the second is just pricing of us compared to our competitors. Is there any plans to kind of, you know, in terms of the pricing, maybe increase the bundle discount or try and come out with some sort of, you know, ChurchStaq Lite product or anything like that? We are trialing some different price points for smaller churches. The other piece that we're really leaning into is leading with donor management. The price point for entry at donor management obviously is lower than for the entirety of ChurchStaq. In the current state of our customer base today, we feel that that's the best opportunity for us to get in to win business, add value quickly, both to the church but also to our business, and then to expand with additional products across time. We do feel like that is one core strategy that we've already begun to implement, leading with donor management, which has a lower price point for entry and speed to value is seen much quicker, implementation is much quicker. Great. Awesome. Thanks. Thank you. The next question comes from Tom Deacon from Macquarie. Please go ahead. Good morning, all. Thanks for taking my question. Just to follow on the churn there. Wondering if you could give us an indication in terms of the churn, profiled by the sort of product holding groups. Has that been mostly in the donor management products or has it been across church management, as well? That's one we may need to get back to you on the breakdown. I will just say we are definitely seeing it primarily in the middle market segment. The products that we're seeing, we did have a little bit more of an impact in donor management than we anticipated, but we're seeing it pretty consistently across the board. Thanks, Molly. Appreciate that. If I could just throw in a quick follow-up as well. Just the transaction volumes, which were flat versus the PCP. What do you guys think that is a reflection of? Is it economic conditions or is it just the sort of going back to a normal cadence post-COVID? It's a very interesting thing to unpack. What we're seeing from our data is that there are a lower number of brand new donors coming into the church ecosystem across the entirety of the U.S. faith space. We have, you know, access to data from other sources outside of just the Pushpay dataset. What we're seeing, others are seeing as well, which again is a lower number of new donors coming into the church ecosystem. As well as for us, it was a lower number of new customers onboarding across the last several years. The third piece that's impacting is the fact that for the last several years, we've grown our small church number more significantly than our large church or medium church number, which means a lower number of donors represented in those wins. Understood, Molly. That's helpful. Thank you. You're not seeing, like, an average transaction per donor decrease or anything like that? That's correct. We're actually seeing the opposite. Okay. The average transaction size has increased a bit. The other thing that I'll just say that we're also seeing is the recurring donor base across all Pushpay customers is increasing. Those that were a recurring donor at the beginning of the year are giving more than they were at the beginning of the year today, and that's been a very, very resilient, important piece of our software offering. Great. Thanks, Molly. That's helpful. Thanks, all. Thank you. The next question comes from Tim O'Loan from Nikko Asset Management. Please go ahead. Yeah. Morning, guys. Thanks for taking my question. Graham, just one for you. Did the Board consult with any shareholders before recommending on the price or the structure of the scheme, given the relatively low hurdle or on the break fee? No, we did not communicate with any shareholders prior to entering into the scheme of arrangement. Was there any thinking behind that? Did you consider it or no? Look, we gave it some thought. We also thought that shareholders would have differing views, and I think our experience post the announcement, just highlights that. You're gonna get a range of views and there was a question as to who do you talk to and who do you follow? Okay, sure. Just one more quick one. Just if I'm sort of hearing the commentary correctly, it sort of seems like the issues that may be going on are temporary in nature and not permanent. It's maybe a pushing out in time frames. How do you weigh that in terms of your comments saying that the Board thinks the scheme should be accepted to mitigate risk factors on the strategic plan versus I suppose the risk of leaving value on the table over time? Yeah. It's always going to be a $64,000 or perhaps that's a $1.5 billion question. As we've signaled, we have sort of pushed out our expectation around delivery of what we had previously thought. There is uncertainty, particularly in the U.S. market, around how the macroeconomic situation will impact on churches, and that in turn will impact on us, or Pushpay. The view was, and I'm going a little bit beyond your question, but the view was if we get an offer within the range of values that we'd been given, we felt obliged to present that to shareholders. Okay, cool. That's it from me. Thanks. Thank you. At this time, we're showing no further questions. I'll hand back to Molly Matthews for any closing remarks. Wonderful. Thank you, Travis. 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, and all of our customers around the world for their loyalty and excitement, as these results are ultimately in thanks to their support. 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 to 30 days. The playback can be accessed by dialing 0800 886 078 in New Zealand, and for all other international locations, please dial +64 9 293 905. The playback pin number is 1025287. We'd like to thank you again for your time. Have a great day.