I have previously been critical of the US rollout, which has...

I have previously been critical of the US rollout, which has been slow - but the numbers on a raw basis aren't that bad compared to NZL and ROW lately. You see that Australian numbers still taking off in that time period, and I think its important to remember the uptake of software and tech is often non-linear.

Since H1 FY20
NZL +169k
USA +139k
UK +358k
ROW +143k
AUS +630k

If you look at the addressable markets, they have 2m of the 3.7m addressable market in AUNZL. They are now starting to garner a really decent portion of the UK market with almost 900k of 5.5m, which is reaching a solid tipping point now and momentum should hopefully keep going. I think realistically, the size of the US addressable market is just too big to not try for, even if you only ever garner 10% of it (currently they have 1%), that is the size of the entire current subscriber base.

You also have an increase of 31% in platform revenues, these revenues from the last report are annualized $144m, and very high margin. These are the types of revenues that we really like to see increase for markets like the US/UK as you have Apps taking care of localized reporting requirements while using the core functionality of Xero.

So it will be an interesting time, but I think the doom about the US market is probably a little overstated considering the upside if they get it even a little right.