The bottom line improvement came as subscriptions reached 2,285,000 for the most recently completed year, an increase of 26 percent  from last year’s, 1,818,000.

 Most companies with March quarters say that Covid-19 has only started impact results, mainly in the second half of March. But while Sage said this week it saw new customer acquisition drop by half of what had been expected for April, Xero CEO Steve Vamos declined to provide any information on last month’s experience during this week's earnings webcast.

Chair David Thodey wrote in the annual report the company had available liquid resources of approximately $410 million as  of March 30. That does not include $300 million from the sale of convertible notes in the United States in October 2018, which he reported, “Remains largely available to fund future investment opportunities.” Xero also has about $90 million in its standby debt facility which is undrawn and available for short-term liquidity requirements if necessary

he US$300 million raised from the convertible notes issue in October 2018 remains largely available to fund future investment opportunities. Our standby $150 million debt facility remains undrawn and is available for short-term liquidity requirements should it be required. 

North America, the fourth-largest region in subscribers, had $33.2 million for fiscal 2020, an increase 25 percent, 19 percent in constant currencies. It ended the year with 241,000, up 24 percent from 195,000.

Australia remained the country with the largest number of subscribers, 914,000  last year, rising 26 percent from 726,000  in 2019. The United Kingdom is a strong No. 2 among regions, hitting 613,000 subscribers, up 32 percent from 463,3000. The home country of New Zealand had 392,000 subscribers, 12 percent higher than i 351,000.