Yes agreed.
I was endeavouring to illustrate that by being required by accounting standards to expense business development marketing, the p&l takes the full hit. Hypothetically removing it illustrates the underlying profitability.
I would be interested in any examples of ASX listed business spending to this degree ($1 in every $3 of t/o) on marketing.
IMO a large chunk of the S&M cost should be directed towards chasing the NA & UK share rather than local churn. Most AU/NZ accountants and bookkeepers will already shortlist Xero when asked for a recommendation.
Ann: H1 FY23 Investor Presentation, page-26
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