Pushpay reports record ACMR growth in first quarter, reiterates FY guidance
10 of the top 20 and 36 of the top 100 largest churches in the US use Pushpay.
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Pushpay Holdings shares rose 3.7 percent to $1.96 after the mobile payments app developer announced record revenue growth in the first quarter and affirmed its full-year guidance.
The company said annualised committed monthly revenue (ACMR) grew US$8.3 million in the March quarter to a record US$50.5 million, up 19.4 percent from three months earlier and a jump from the US$19.6 million it recorded in the first quarter last year. Its average revenue per customer (ARPC) jumped 44 percent from a year earlier to US$625 per month, amounting to a 9.1 percent gain from the fourth quarter of 2016.
Pushpay said its customer base jumped 78.9 percent to 6,737 in the 12 months ended March 31, driven by demand from American churches. It said 10 of the top 20 and 36 of the top 100 largest churches in the US use Pushpay. Church clients include the largest church in the US, which has over 39,000 average weekly attendees. As of March 31, 97 percent of its customers were in North America, including both the US and Canada. The remainder were in Australia and New Zealand. Its staff headcount rose 74.9 percent over the year to March 31 to 376. Of those, 275 are based in the US.
The app developer is targeting US churches with technology that makes it easy for congregations to make donations using their mobile phones and is expanding its mobile payment app to help people pay utility bills.
In November, it announced its acquisition of church app business from Bluebridge Digital for US$3.1 million, a move which increased its potential annual revenue 47 percent to US$2.2 billion, based on the US$119.3 billion given to churches in the US in 2015.
Looking ahead, the company remains in a position to achieve US$72 million in ACMR prior to the end of the 2017 calendar year and breakeven on a monthly cash flow basis by the end of calendar 2017, chief executive and co-founder Chris Heaslip reiterated.
(BusinessDesk)
Rebecca Howard
Wed, 12 Apr 2017
Wed, 12 Apr 2017
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Pushpay reports record ACMR growth in first quarter, reiterates FY guidance
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