@keith200
I read it the same way.
If they quoted it as a pure rate loss specific to LTV the rate would be alarming (12%). This is why Sub growth needs to be a lot higher than 12% p/a (assuming no price increases) for xero to continue to grow. My concerns around xero are the increasing in churn rate and the drop is sub growth, which in my view sets up for flat to negative earnings in the future. They need to grow subs to grow the company and i fear they don't have too much more operating leverage to use.
Ann: FY24 Annual Results Investor Presentation, page-40
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