I've been in this since the beginning. They keep on...

I've been in this since the beginning. They keep on executing. Some observations on this half-year report:

- UK will be growth engine for the next 12-24 months

- A/NZ will plateau in terms of subscriber growth as the markets mature for Xero, and become the revenue engine for growth elsewhere

- US remains a challenge. Imagine what the SP would have done yesterday if that segment was growing at 50%? When the UK tapers Xero will need the US to pick up the ball. Massive opportunity, slow burn, but still an unknown. In any case, this segment still contributes 10% of subscribers and is growing fast compared to most companies, just not as fast for Xero

- international is the segment I'm most curious about. This part of the business could be the engine in the future if the US doesn't fire. It's still very English speaking oriented. When will we see Xero in Germany, France. Spain, and even Japan? Will they do it and cross the language barrier? Why not? Imagine the potential if they execute.

- full year results next May will be, in my opinion, the most important Xero report since inception. It will confirm trends in platform revenues (big $ in future years, under appreciated now), international segment, US, and there's every chance net profit will take off meaning they'll be able to make some decisions about new markets. Could be a turning point.

With yesterday's rally I've now clocked 100x return on investment. This only happens once in your life I reckon. I'm still not selling. There's another 10x from here in the next 5-10 years in this if they continue to deliver.