• Company reliant on tax credits to make profit in FY2019 - These are temporary.
• Company has reasonable % of opex coming from grants. These are temporary.
• Company customer growth is slowing quickly 5% YoY compared to 8% in previous period.
• Company processing growth is slowing quickly 17% YoY compared to 140% in previous period.
• Tithe.ly is growing quickly in the smaller church segments.

All of the above is not saying the company is in trouble or wont turn into a money printing machine, just that growth is slowing quickly and the company will need to:

• Make sure their product is super sticky
• Look at aquisitions
• Look at moving into other sectors (catholic church, non-profits etc)
• Build their moat against lower cost competitors that are rapidly improving

Some interesting points from the Investor Day presentation September 9 2019.

• Market
  • They expect consolidation of new entrants
  • There are not many aquisition options left in the sector for traditional businesses. They have either been bought up or are not interested in being bought out due to being 'mission' aligned rather than operating as a 'business'
• Product
  • They look to be bringing a ChMS into their portfolio - didnt specify if they were building or aquiring (however see below)
  • They are possibly going to try and move into the Catholic sector
  • Want to become a one stop shop for medium and small customers
• Finances
  • Reiterated guidence