Operating cash flow for the second half was $9 million while for the full year it improved substantially, dropping 87.4 percent to about negative $3 million.The net loss after tax was roughly $47.4 million, falling 16.2 percent from fiscal 2016.

Revenue hit about $202.5 million for the most recently ended year, an increase of 43 percent. North American revenue rose sharply but remained a small part of the total at $17 million, an increase of 47 percent from the prior year.

CEO Rod Drury noted those results and also pointed to the migration to Amazon Web Services for its cloud platform as among the company's major accomplishment for the year. Xero said it migrated 1.4 petabytes of data and 59 billion records to the platform and had more than 3 petabytes of data on AWS on 4,800 servers.

The majority of the business continues to be in Australia and New Zealand, whose 692,000 subscribers represented two thirds of the worldwide total of 1,035,000. The two countries' total was up 32 percent while Australia's 446,000 on March 31 was up 32 percent from 312,000 the prior year.

North America's 92,000 subscribers were 48-percent greater than 62,000 at the end of fiscal 2016. The fastest growth for one country was in the United Kingdom where the number of subscribers was 212,000, an increase of 59 percent from the prior year.

Bob Scott

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Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards.  Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He  has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that.  A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind