Agreed @andy777 this is well below par. The problem too is their...

Agreed @andy777 this is well below par. The problem too is their first quarter (or there abouts) is usually the strongest. 96k net new subscribers for the first 4 months x 3 for the remainder of the year = 288k net new subscribers. Which is 179k less than last years results of 467k. At average revenue per unit (ARPU) of $30NZ this would result in new revenue of about $103m NZ down from ~$165m new revenue in FY20. Agree though that any growth in this environment is positive. I think it's important to point out Xero has had accelerating, declining percentage growth for some years now (except with the hubdoc acquisition year) and they need a strategy to stop the decline.