Ann: H1 FY23 Investor Presentation, page-65

Two of the biggest strategic mistakes xro has made have been to target the USA in front of other markets which have VAT or GST where xro is strong, and huge mistake in going to the USA and then changing registries to ASX rather than Nasdaq. If they had gone with transfer to Nasdaq they would already be considered a USA company! As Dropper rightly pointed out this has been a monumental error allowing the incumbent USA market leading opposition to push the buy USA message with devastating effect.

Can't expect to get all decisions right, and Xero is still hitting growth goals.

Not really worried about dividends and paying tax, nor ridiculously high marketing spend when you are getting $5:$1 whole of life return on spend to build subscribers. Can understand folk making global tech investment decisions around dividends in this climate but Long term SP will eventually recognize value, and eventually Xro will switch to paying dividends, but right now dividends aren't a good return on investment.

AIMHO DYOR