My analysis

OK here is my take. Let's see what the market thinks at 10.00am

Operating cash outflow reduced from $23.4m to $13.4m
EBITDA (excluding non cash share based payments) down to $18.5m from $27.4m
Significant margin improvement when duplicate platform costs drop off once transition to AWS is complete
Margin also affected by AWS transition which has required investment(one off)
At $303m revenue for next financial year, xero would actually be break even. So if they did not add one subscriber and kept costs same as last FY, break even would occur
Cash balance still 140m
Business reaffirmed not expected to raise capital again
New goal seems to be $1b revenue not 1m customers
UK market , xero has number one product, and still < 5% market. In years to come I can see it maturing to a NZ market and 30% will be around 700-800k customers
AWS integration will allow xero to attract larger customers at a premium subscription rate
Early adoption in SA and Asia looks promising
Australia still only 15% of market. This can double in next few years as most businesses transition to cloud

Pretty impressive outlook