Ann: Pushpay 2019 Interim Report, page-6

Their FY guidance was a soft downgrade. Consensus pegged at least USD102m but the company is guiding to USD97.5m to USD100.5m. Last 2 qtrs they hit midpoint of guidance, likely to come under USD100m and thus consensus pre-result. Company is going through a period where market is adjusting to slower growth raters than expected before. Also need to digest that PPH is going from smashing targets to just doing what they say, with the issue being what they say is coming in bit by bit under expectations. This shift in behaviour can result in multiple compression as the market will pay less for such results and lower chances of the company beating them. These stocks can live or die by beating expectations such that the absolute growth level doesn't matter as much as you think, particularly given the valuation PPH trades on. Flip side is if PPH get back to beating targets or re-accelerating from here (which was expected but always seems to be 1 or 2 quarters away every quarter) then it can all reverse.