Pushpay achieves monthly cash flow breakeven target

DIGITAL church collection payment operator Pushpay said it achieved its target of breaking even on a monthly cash flow basis before the end of 2018 and it is confident it will now have positive cash flows.

The NZXlisted, USheadquartered softwareasaservice company said it was cashflow positive for the quarter ended December 31. It also delivered positive earnings before interest, tax, depreciation, amortisation and currency adjustments for the period, it said, without providing figures.

The stock lifted 5.4% to $3.11. Pushpay also said its annualised processing volume — which is the annualised fourweek average payment transaction volume through its platform — increased from $US3.2 billion ($NZ4.75 billion) as at September 30 to more than $US5.0 billion as at December 31.

Excluding the seasonal high period, which falls in the last three weeks of December, the annualised processing volume increased to more than $US4.0 billion as at December 10, it said.

It remains confident it will achieve its revenue guidance of between $US97.5 million and $US100.5 million for the year ending March 31; a gross margin percentage exceeding 60% for the six months ending March 31; and positive ebitdaf for the year to March 31.

‘‘Given the strength of the underlying business, Pushpay is well positioned to capitalise on opportunities to accelerate growth, including potential acquisitions that add significant value to the current business,’’ chief executive Chris Heaslip said.

In November, Pushpay said it had 55 of the largest 100 US churches on its books. —