Pushpay ACMR revenue doubles to US$67.5M

Article – BusinessDesk

Pushpay ACMR revenue doubles to US$67.5M, shares climb to record

By Jonathan Underhill

Oct. 11 (BusinessDesk) – Pushpay Holdings, a mobile payments app company, said its annualised committed monthly revenue (ACMR) has jumped 96.8 percent and reiterated its target to break even on a monthly cash-flow basis before the end of 2018. The stock rose 6.9 percent to a record.

ACMR, a measure favoured by software as a service (SAAS) companies, rose to US$67.5 million in the quarter ended Sept. 30 from US$34.3 million a year earlier, the Auckland-based company said in a statement. Pushpay brought forward its target of reaching US$100 million ACMR by three months to Dec. 31. The shares climbed 19 cents to $2.93 and have surged 96 percent this year.

ACMR is monthly average revenue per customer multiplied by total customers and annualised. It is the preferred metric for software as a service (SaaS) businesses. Pushpay has been targeting US churches with its app, which allows congregations to make donations via their mobile phones. It is now in use in 50 of the top 100 churches in the US, with transactions of US$2.2 billion based on annualised monthly figures, it said today. Total customers rose 35 percent to 7,121.

In July, Pushpay raised US$25 million in a placement and today the company said it had cash and available funding lines of US$25.5 million as at Sept. 30 from US$7 million a year earlier.

“Pushpay is confident in its strategy to gain further market share in the medium-term for the long-term benefit of the company,” said chief executive Chris Heaslip. “Pushpay remains in a position to reach its targets of FY18 NZ GAAP revenue guidance of US$70 million and breakeven on a monthly cash flow basis prior to the end of 2018.”

The company’s loss widened to US$25.3 million in the year ended March 31 from US$13 million a year earlier while operating revenue jumped to US$34 million from $9.9 million.

(BusinessDesk)

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