Pushpay 5 years out, page-42

Hi Jogo

Further my response yesterday, went back to the actual numbers FY18 and FY 19 and nothing suggesting operating margins are declining.

Looking at Gross Margin % (excl any Grants so as not to skewer results)

Fy 18 ...55%
Fy 19 ...60%. Where H1 Fy 19 ....57% And H2 Fy 19 ....63%

Looking at OPEX expressed as a percentage of Revenue

Fy 18 ....92.5%
Fy 19 ...65.2%. Where H1 Fy 19 ....71.7%. And H2 Fy 19 ...59.9%

Looking at EBITDAF

Fy 18 .... minus USD 18.6 m
Fy 19 .... USD 1.6 m. Where H1 Fy 19.... minus USD 3.1 m And H2 Fy 19 ... USD 4.7 m

On the point of cost containment, OPEX comparison supports

Fy 18 ....USD 62.63 m
Fy 19 ....USD 62.5 m. Where H1 Fy 19 ...USD 30.7 m And. H2 Fy 19 .....USD 31.8 m

The above all depicts Operation Leverage in motion.

Look forward to your response.

Rokewa