Ann: Market Release H1 FY20, page-3

@lightning70
It will take me awhile to dig through results fully but:
subs were 37K above my expectations- UK, AU, ROW beat and NZ/USA were less
Quite pleasing to see LTV/CAC continue to improve both internationally and Australia
The gross margin improvement is fantastic
They have quite a warchest- they can start adding in some acquisitive growth and I believe maintain the 30% growth for at least a few years to come.
Intuit's numbers are very misleading- I have taken to comparing Xero ecosystem revenue to QBO ecosystem and there is a steady improvement from Xero's end- it is getting close to 50% even after currency conversion.
The US numbers were disappointing. Quickbooks took some advisors offside with their book-keeping service and they also did a few price rises, and Xero still didn't appear to capitalise. I do however think this is a very long game, and I do like what Xero is doing, but Xero will be a distant #2 in the US (and that is ok!).

Valuation...who knows!