I agree ARPU rising is important and a great sign that Xero has...

I agree ARPU rising is important and a great sign that Xero has some pricing power, but there is only so far you can push your users before you lose them - Xero isn't in a monopoly position and has strong competitors out there, especially in North America where it has struggled to gain any significant market share and Intuit's quick books is still market leader.

I'd rather see larger market share gains by Xero through higher new customers additions in North America & rest of world segments as opposed to screwing down existing customers. Each price rise has the potential to lose customers and grow their churn, whereas gaining 5% more market share through new users in North America or rest of world has little downside or costs to the business (except extra sales or support teams), such is the scale of a SaaS business with tried and proven products.

I hold and will continue to, but I am critical of slowing growth outside of Australia, the fact that we gained more new subscribers this fiscal year in ANZ as opposed to rest of world shows you how hard it is to break into new markets. Regarding broker price ratings, take them with a grain of salt, as a holder I hope we get to their target prices, but they are as hit and miss as anyone else's opinion.