US is a more complicated tax (than AU) environment with different sales tax & payroll tax regimes. Intuit also has a tight grip on the US market in much the same way MYOB once did in AU. XRO are partnering with other software vendors to deal with US tax complexities.
Xero has won the market battle in Au/NZ. Time will tell on the rest of the world.
NEA has a similar AU/US expansion story (also a great product with happy users in AU) and spent a fortune getting a foothold in the US. US revenue now exceeds AU. There was similar complaints about AU cashflow funding expansion.
Once a business settles on an accounting system, it is a pain to switch. Users and Accountants are mostly very happy with Xero which is why subscriber numbers continue to rapidly grow.
37% of revenue is being directed to marketing. Consider this. If they dropped the $400m being spent on marketing the PE would be under 30.
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