I'd suggest they are limiting in person sales due to covid. Between that and the likely churn from small churches perhaps they did well to maintain customer numbers. I wonder whether the ethical situation weighs on management at all when mega-churches are breaking and challenging covid restrictions to continue holding services for patrons who don't even bother wearing masks. It would be nice if management could comment on the factors influencing sales to new churches specifically but I dont see the problem in focussing sales staff on the lower hanging fruit, especially when face to face sales to new churches is impractical, potentially immoral and dangerous to the health of Pushpay staff. I expect to see net customer growth return once covid is under control in usa.
However dont forget they also have the option of further acquisitions which will provide further opportunity for cross selling to newly acquired customers.
Links for churches breaking covid restrictions https://abcnews.go.com/US/mexico-megachurches-fined-packed-christmas-eve-services/story?id=74948010
https://www.9news.com.au/world/coronavirus-california-churches-rebrand-as-strip-clubs-to-skirt-lockdown/8dea7811-5ab4-433b-9496-4f19c0bf7388
https://www.healthline.com/health-news/indoor-church-services-are-covid-19-hot-spots-heres-why
write up from Matt Joass on Pushpay's acquisition opportunities
https://mattjoass.com/2019/06/21/pushpay-and-the-art-of-the-deal/
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