Ann: Pushpay 2019 Interim Report, page-31

Like the company and their execution, but the slight hesitation in investing more as I have questions on a number of fronts; happy to hear from others why these are not issues that should be of concern:

 - the fact that they already cover 55 of the top 100 churches seems to limit their growth (i.e. surely their growth rate will decelerate with smaller less profitable churches left to pick up as clients) 

 - the church going community is not exactly a growth one

 - the cost of ~60m per annum seems high for a technology company** (and even though product design/development is ~26%, sales & marketing is a hefty 47% of costs.....perhaps this is reaching a ceiling, but still very significant, and seems to suggest that it does not have as much operating leverage as a SaaS business if you plan to roll this out to other markets)

 - the months to recover CAC is still ~18months (so unchanged from last year) which again seems again to suggest they need to spend big to capture clients (i.e. reduces operating leverage)

 -  why are they not addressing the large markets in South America or Asia...could it be that these are not profitable (i.e. the incremental cost is high and these markets are not going to deliver a significant profit).

Again, am a holder, but pausing on investing more even at these prices (as TH indicated, a 800m market cap that is still to make a profit).

One other thing I'm also curious about is why this platform cannot be rolled out in other areas - charities are notoriously expensive from an administrative perspective (especially the smaller one), so if this was a cheap option, they could roll out such a solution for regular giving with minimal admin hassle for the charity...win win on the charity and the person donating.

Anyway happy to hear others comments especially on the runway this company has

**based on interim 2019 financials