We’re excited to share with you another set of strong results. It has been a year full of milestones for Xero, including surpassing one million subscribers and completing our move to Amazon Web Services (AWS).
We have extended our market-leading position in Australia, New Zealand, and the United Kingdom, and continue to grow our presence in North America, South East Asia and in South Africa. Operating revenues continue to climb strongly enabling us to continue our investments through additional revenues.
Over the past decade, Xero has become much more than just a transformational cloud accounting platform — it is also a major driver of economic activity for small businesses.
However, we haven’t reached this point alone. It’s been a team effort where our Xero people, investors, accounting advisors, ecosystem partners and small business owners have all collaborated to establish a global platform which helps the global economy tick, every single day.
It’s amazing that in less than two years we added more than half-a-million customers to our platform. While it’s easy to just look at our customer count as a number, one of the big stories of Xero was all the investment required to build the operating part of our business to be able to onboard and support that many new customers. The early investment we made to build a scalable SaaS company enabled us to manage that many new customers and keep them happy.
The small business opportunity is growing and its success is becoming increasingly more important for the overall prosperity and health of the world. Economic trade between small business builds common ground between people around the world. As an industry leader, we have a responsibility to actively support and encourage small business growth.
Thank you to our customers, team, and shareholders for your continued support as Xero forges ahead on our journey toward $1 billion in revenue and beyond.