Ann: Pushpay 2019 Annual Results Announcement, page-7

Agreed, the revenues are definitely tailing off as the customer base grows. Last year it was 40%, this year it is predicted to be 26%. Some flattening of revenue growth is to be expected as the overall revenue increases but this is fairly rapid and so indicates that PPH may have already picked off the low hanging fruit in the states where they have been working. Nevertheless, there seem to be many USA states with a low number of clients that PPH can still expand within.