New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<h2>Pushpay (PPH)<br>AGM takeouts</h2>
<p>PPH’s AGM had little material new information, with FY22 EBITDA guidance unchanged at US$64-69m</p>
<h3>Key items of interest</h3>
<ul>
<li>As Bruce Gordon retires from the board today, PPH is now looking for two new US based directors</li>
<li>The company continues to focus on the Catholic church, again mentioning that it would explore M&amp;A to grow the current business</li>
<li>On asked about the potential for a US listing, CEO Molly Matthews reiterated that PPH has no plans to do so currently</li>
<li>On giving trends, CFO Shane Sampson stated that US churches are still in the re-opening stage, with overall physical attendance still down at customer churches (from pre-COVID levels).</li>
<li>The company stated that the predominant driver of reaching top end of guidance would be overall giving levels, driven by stability of the US economy. The company is not expecting a material reversion in digital giving for FY22.</li>
<li>In regards to the decrease in headcount during FY21, PPH stated that in some areas it had been able to reduce headcount that was duplicated following the acquisition of CCB, in addition to attrition in other areas (the company wanted to hold this number flat). This highlights the ongoing challenges Technology companies (particularly based in Auckland) face in retaining and growing data and engineering staff. PPH plans to add more data engineers in both Colorado and Auckland.</li>
</ul>
<p><strong>Jamie Foulkes&nbsp;</strong><br>Analyst, Equities</p>
<figure class="editor-figure mceNonEditable"><img src="https://mail.google.com/mail/u/0?ui=2&amp;ik=f57c39853c&amp;attid=0.1&amp;permmsgid=msg-f:1702690726842560264&amp;th=17a12c31dfcd6f08&amp;view=fimg&amp;sz=s0-l75-ft&amp;attbid=ANGjdJ8oBoEz58SwVv5jQZSuMvxDuluv4PdauOwhkDdFwZq_umRLc8RoV6X5VQm_rEjzOpNnYcfBxR8YouT9U9YDQmJAIUDKWQ2HLwxR_b2zBfNEaeV4pgpEgHfqIhg&amp;disp=emb" class="editor-image img-responsive"></figure>
<p><br>M: +64 20 4196 2993 |P: +64 4 914 2217 | TF: 0800 367 227&nbsp;<br>Level 22, NTT Tower, 157 Lambton Quay, Wellington</p>

Pushpay (PPH) AGM takeouts
PPH’s AGM had little material new information, with FY22 EBITDA guidance unchanged at US$64-69m
Key items of interest

As Bruce Gordon retires from the board today, PPH is now looking for two new US based directors
The company continues to focus on the Catholic church, again mentioning that it would explore M&amp;A to grow the current business
On asked about the potential for a US listing, CEO Molly Matthews reiterated that PPH has no plans to do so currently
On giving trends, CFO Shane Sampson stated that US churches are still in the re-opening stage, with overall physical attendance still down at customer churches (from pre-COVID levels).
The company stated that the predominant driver of reaching top end of guidance would be overall giving levels, driven by stability of the US economy. The company is not expecting a material reversion in digital giving for FY22.
In regards to the decrease in headcount during FY21, PPH stated that in some areas it had been able to reduce headcount that was duplicated following the acquisition of CCB, in addition to attrition in other areas (the company wanted to hold this number flat). This highlights the ongoing challenges Technology companies (particularly based in Auckland) face in retaining and growing data and engineering staff. PPH plans to add more data engineers in both Colorado and Auckland.

Jamie Foulkes&nbsp; Analyst, Equities

 M: +64 20 4196 2993 |P: +64 4 914 2217 | TF: 0800 367 227&nbsp; Level 22, NTT Tower, 157 Lambton Quay, Wellington

Pushpay Holdings

Pushpay (PPH): AGM Takeouts