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Thank you, Travis. Welcome to the Pushpay Holdings Limited Interim Results Investor Briefing for the 6 months ended 30 September 2022. Our interim report and interim results investor briefing presentation have been released to the Enzadex and ASX. Please visit our website, bushbay.com/investors/announcements if you do not have a copy. Before we begin, please note that all information in this presentation is subject Turning to Slide 3. Today, you'll be hearing from our Board Chairman, Graham Shaw CEO, Molly Matthews Chief Growth Officer, Jason Rupert And Interim's CFO, Richard Keith. 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 investorspushpay.com and I will arrange this. Thank you for your attention, and I will now hand it over to Pushpay's CEO, Molly MacKees. Thank you, Gabby. Good morning and good afternoon, everyone, and thank you for joining us for Pushpay's investor briefing for the 6 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 6 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 6 months was welcoming the U. S. Army Chaplain Corps as well as the Archdiocese of Seattle as Pushpay customers. These customers represent our strategy and action and the ability for Pushpay to support millions of people and organizations across the globe with our digital software solutions. I I would like to take a moment to recognize our Pushpay team, who continue to deliver exceptional service and world class products to help our customers and their communities across the globe by the ever changing macroeconomic conditions and challenges that our market faces. Now on to Slide 5. Looking at our key metrics over the 1st 6 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 the churches to reevaluating 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 twenty twenty three 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%. Switchpay has maintained an average Annual revenue retention rate of over 100% on average for the last 5 years, including the last 6 month period. During the 6 months, 18,200,000 transactions were processed through our platform, 2,300,000 unique donors made a payment and the average transaction value processed increased to US198 dollars 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 impact on people all around the world.

Turning to Slide 6. We delivered a 10% increase in revenue over the half Year period to US103 $1,000,000 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 later in the presentation. Our gross margin remains 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 EBITDA decreased by 10% from US29.6 million dollars in the first half to US26.8 million dollars in the first half of twenty twenty three. Operating cash flow of $16,900,000 was down on the prior first half year. The cash flow includes US9.9 million dollars 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 7, to look more closely at our total Processing volume, which increased by 2% to $2,600,000,000 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 twenty twenty three, 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 Meet donors and an increased average transaction value with flat total transactions processed as well as Increased referring giving as a percentage of total processing volume. Now on to Slide 8 for an update on our customers. Our total customer base increased year on year by 4% to 14,602 customers. We welcomed 50 7 net new customers between 30 September 2021 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 welcome 94 net new customer additions in the first half 23, and 48 of these were large customers, driven by our Resi Media, Catholic and non profit strategies, with a small decrease in net new product and 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 twenty twenty two to 5% in the opening customer count in the first half of twenty twenty three.

The medium and large segments remain our core focus as we continue to execute on our growth strategy. Moving to Slide 9, 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 October 2022 Pushpay announced that it has entered into a scheme implementation agreement under which 6th Street and BGH Capital Consortium via Pegasus Bibco Limited will acquire all of Pushpay shares at a price of 1 dollars New Zealand $0.34 per share in cash by means of the 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 adviser'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 into interest in acquiring Pushpay for the last 6 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. Interested parties were being 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 advisers 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 and 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 Pushpa has a strong long term strategy, the full benefits of this will not be seen for several years and carries execution risk.

A recent trading and 2023 financial year guidance update 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 advisers 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 will 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. And 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 6 months to respond to market conditions and drive growth. And particularly, 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 twenty twenty two and has continued into FY twenty twenty three 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 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 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 6 months with the score increasing by 32% since March of 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 6 months and it has a direct benefit to our future success. I joined Pushpay in February of this year's 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 and efficiently addressing 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 their sales pipeline, while also improving the segment mix. We also transformed the presales 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 focused on 4 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 3 year roadmap for our entry into the We have commenced our 2nd 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 6 months, we expanded our product development and sales teams to support the further enhancement of our Parrish stack 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 Diocese up from 45 at year end. These diocese are a very important part of our sales model. As the diocese approves vendors for their area, which enables individual parishes within those diocese to adopt the product, representing anywhere from 20 to 300 parishes. So 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 8 months now, we have 326 Perish 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 US5 $1,000,000 to US7 $1,000,000 and expect to achieve breakeven underlying EBITDA for the 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 6 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 Zonor 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. On to Slide 21. This slide shows the number of customers using 1, 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 in a one product customer, and 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.

On Slide 22, Again, we have a clear 3 year roadmap to leverage the value from the acquisition of Resi Media. In August, we crossed the 1 year mark for Resi being a part of the Pushpay Group. Throughout fiscal year 'twenty three, we are continuing to integrate streaming services into our sales and marketing engine and will be focused on the significant cross sell opportunities within our customer base as well as attracting new customers. In the last 6 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. Breakeven underlying EBITDA remains on track. On to Slide 23. What if Pushpay's continuing strength is our ability to deliver seamless quality products and features and make it easier for our customers to increase participation, engagement and build A few of the features we have launched in the last 6 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 archdiocese and their wide reaching communities. On to Slide 24. 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 the Pushpay platform. We saw a transformational shift to digital giving Due to COVID-nineteen 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 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 Keyes, 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 6 months ended 30 September reflect the full benefit from the acquisition of Resi Media in August 2021, with only 1 month of contribution in the prior comparable period. Operating revenue grew by 10% year on year with operating expenses up 37%, largely due to the inclusion of 6 months of Resi Media. EBITDAF was impacted by the investment year and includes a number of nonrecurring items, including costs related Excluding these one off costs in the IFRS accounting relating to acquisitions, Underlying EBITDA was $26,800,000 10% down on the prior comparative period. Net profit after tax decreased by 54% when compared to prior comparative period Due to lower EBITDA, along with high interest and amortization costs associated with the purchase of Raising Media as well as non cash mid foreign exchange losses compared to a $2,200,000 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 6 months of Subscription revenue on Reason 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 $10,500,000 revenue contributed by Raising 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 6 months of operating expenses for Resi Media, payroll increases as well as non reoccurring costs. These costs include the impact of vendor restricted shares and 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 'twenty two remuneration review. As can be seen on Slide 31, underlying EBITDA as a percentage of operating revenue has decreased by 26%, reflecting the investment in Pathlight Growth Strategy and the inclusion of RISI Media, both of which contribute revenue and are expected to breakeven and EBITDA at the end of this financial year.

Slide 32 shows our statement of financial position. The company generated positive operating cash flow of $16,900,000 for the 6 month period. This was after the payment of income tax of $9,900,000 given Pushpay has utilized all its New Zealand tax losses in the last financial year and is now in an income tax paying position. Net debt significantly reduced from $54,000,000 at 31 March 20 22, down to $40,000,000 with net debt being $35,100,000 as at 30 September 2022. On Slide 33, we reiterate in May that we announced our intention to build an Structuring 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 push based subsidiary to a U. S. Push based 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 steam implementation agreement. And 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 FY2023 onwards. We believe that 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 October 2022, for the FY 'twenty three financial year, Pushpay expects to be at a lower end at the lower end of its previous FY2023 underlying EBITDA guidance of between US56 $1,000,000 and US61 $1,000,000 The company revised its guidance range for underlying EBITDA to be between $54,000,000 $58,000,000 Pushpay continues to forecast positive operating revenue growth, has lowered expectations to be between 4% 8% For FY2023, previous guidance was 10% to 15%. Turning to Slide 36. As we look to the medium term, Pushpay's FY 'twenty five goals of more than US10 $1,000,000,000 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 to 18 months on the basis that the current trends improve. We expect the benefit from this year's investment into talent, resources and capability, balanced Continued cost management discipline to be seen from FY 2024 onward with underlying EBITDAX 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 non profit 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. And with that, I'll now hand it over to the operator to open the call for questions.

Thank 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 see, it was underway in second half 'twenty two. What about that reset, I guess, this is prior expectations has impacted the customer growth. And then I guess secondly, along the same vein, I mean, the delay in the medium term targets on current trends. Could you give us a little bit of update what trends are impacting the customer growth sort of how that compared to the expectations 6 months ago?

Perfect. Thank you for your question, Guy. I'll start and then I'll pass to Jason To get this perspective, so 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 summer months. So 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 Impacting our sales team?

Yes, you bet. I think adding on with what Molly So part of what we try to do this year, we identified certain scenarios from really doing a deep dive analysis into all of our processes and I realized we had to stabilize MQLs and so our marketing qualified leads and so really started that playbook of generating more marketing leads. We've hired a new Senior Director of DemandGen, which is really she's very experienced in the SaaS space. And so 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. And so that is continuing and we're progressing. You can see some really good leading indicators of how that will drive success in the second half. The other thing Molly kind of 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 non existent in a software sales organization. So we've stabilized the team.

We've upped the sales enablement to really make sure that The team is getting the consistent training and best practices to how they go in. And then layer on top of that a little bit about what Noli talked about was economic conditions. We are finding that with these uncertain economic conditions, rising interest rates, inflation and labor costs, It is leading some churches to reevaluate kind of the timing of their purchase decisions. But what that does is that has resulted in a little bit more net new customer adds 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. And so while they're still very engaged in the sales process, it is elongating the sales process somewhat. And what they're doing is they're delaying their purchasing a new software. And we believe that's definitely had an impact on adding customer new ads kind of through the first half. Great. Thank you. So I guess yes, thanks, Jason. So look, I guess, take away from that is sales Lead times get extended in the difficult times. I mean, how does the pipeline then compare to how many I guess RFPs you're competing for at the moment, how does that compare to where you would have expected to be?

Yes. I think all that we just talked about certainly was a little bit slower first half than we all would have liked. So 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 funnel, which is driving stronger pipeline. And also on the capital side, we're seeing stronger pipeline working with several dioceses out there to kind of drive the pipeline up. So I think being stronger pipeline, and I would say I would also classify that as a much more qualified Pipeline and potentially maybe what we've seen in the past. So as we changed our go to market, we also changed on how we score leads coming in. So 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. Just, I guess, one last one for me, and then I'll get it back to you.

Just any trends in product pricing? I mean, part of the optimization of the go to market strategy, you talked about targeting mid market there 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. So smaller customers 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. So some pricing pressures that we're handling with promotion and testing a few things from a pricing perspective, but again, that's been in the down market segment. Our pricing has remained very durable in enterprise and Catholic.

Thank you. The next question comes from Gary Cherif from RBC. Please go ahead. So just a couple of questions. 1 in relation to have you had any discussions as yet on the results with the bidding parties? And 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.

And 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.

Is there again, I'm not an expert of New Zealand M and A law, but under the current offer, can the business revise their offer lower given those changes to the long term targets?

So firstly, they already had those before they signed this The implementation agreement, so I think that's the first point. With regards to varying the price, no, I don't believe they're able to vary it downwards.

Okay. Last question. Yes, sorry, you're done.

Just to confirm, they had all this information prior to The scheme implementation agreement.

Okay. Yes. No, that's clear. Last two questions. 1 in relation to your Revenue growth guide for FY 'twenty three implies about $8,000,000 to $16,000,000 incremental revenue. Where is the bulk of that growth coming from? Is that Regi Media or the core business?

It's a combination of both of those because remember that Rizzi Media, For the 1st 6 months, we were not comping like for like, whereas the 2nd 6 months we are. So it's coming from both the 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 teams 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, so first question, 1, how many are departing? And 2, how many need to be recruited? And of those that need to be recruited, how many have you actually recruited to date?

So 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 SaaS member to ensure that we had a healthy sales kind of SaaS experience sales team who also understood our vertical in seat That's already been completed. And at this point in time, the additions that are needed are already budgeted and incremental to the headcount that we have today. So 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 organic We 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. The next question comes from Phil Campbell from UBS. Please go ahead.

Hi, good morning everybody. Just a question for Molly. Just I noticed that the churn went up in the largely in the medium sized churches. I think you lost about 85 Medium tutors, can you just give us a bit of color on what was causing that? Was it consolidation of tutors or was it actually Was it a price based decision or was it some other reason why they were churning?

Great question. Thank you, Paul. And you're correct. That increase in churn is primarily in the middle of market segment. I will say that there are kind of 2 factors at play. 1 is pricing pressure. But 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 the businesses are facing. So they're facing increased labor costs, inflation in all of the core items that they need to run their organization. So many churches are having to make difficult decisions around Clear or reducing expenses across the board. So 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, Mike?

So 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 So again that's churches that are under size 200. So in that mid market segment, it's pressured on budget. And then the second is just pricing of us compared to our competitors.

And is there any plans to kind of in terms of the pricing maybe increase Bundle discount or try and come out with some sort of huge stack light product or anything like that?

So we are trialing some different price points for smaller churches. The other piece that we're really leaning into is leading with donor management. So the price point for entry at Joderm management obviously is lower than for the entirety of ChurchStack. So 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. So we do feel like that is one core Strategy that we've already begun to implement, meeting with donor management, which has a lower price point for entry and speed to value is seen much quicker, implementation is much quicker.

Right. 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 a follow on on the churn there. I'm 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 data management product or has it been across Church Management as well?

That's when 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 and 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, Mike. Appreciate that. If I could just So I have a quick follow-up as well. Just the transaction volumes, which reflect this, the PCP, what do you guys think that is a reflection of? Is it economic conditions? Or is it just The sort of re 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 we're there are lower number of brand new donors Coming into the church ecosystem across the entirety of the U. S. Safe space. So we have access to data From other sources outside of just the push pay 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. And then the 3rd 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, Mark. That's helpful. Thank you. And so you're not seeing like an average Transaction per donor decrease or anything like that?

That's correct. So we're actually seeing the opposite. The average transaction size has increased Okay. The other thing that I'll just say that we're also seeing is the recurring donor base across all Pushpay customers is increasing. So 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 And it's very, very resilient important piece of our software offering.

Great. Thanks, Mike. That's helpful. Thanks, all.

Thank you. The next question comes from Tim O'Loan from Nikko Asset Management. Please go ahead.

Good morning, guys. Thanks for taking my question. Graham, just one for you. Did the Board consult with any shareholders before recommending on the costs or the structure of the scheme given the Obviously, they heard or on the back seat?

No, we did not communicate with any shareholders prior to entering into the scheme of arrangement.

Was there anything 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. So you're going to get a range of views and there was a question as to Pudi, you talk to and Pudi, 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 pushing out in time frames. So 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?

Yes. It's always going to be a The $4,000 or perhaps that's a $1,500,000,000 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 Bushpay. So the view Was I'm going a little bit beyond your question, but the view was if we get an offer within the range of values that were being given, we felt obliged to present that to shareholders.

Okay, cool. That's it for now. 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 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 the call back over to Gabby. Thank you, Molly. If there are any additional questions or press, please contact me by email at investorspushpay.com. Feedback of today's investor briefing will be available within the next 24 hours or 30 days. The playback can be accessed by dialing 800-eight eighty six-seventy eight in New Zealand and for all other international locations, please dial plus 649 9,290,905. The playback PIN number is 10025, 287. We would like to thank you again for your time. Have a great day.