Intuit Q2 18, page-3

@EmDe
630k subs outside US of which maybe 100K may be QBSE...they haven’t broken down by geography but Xero is well ahead.

The LTV/CAC blended is 4.5 and I think 5.5 for US so u can work out how much of a drag the rest of the world is in their unit economics. Xeros is 5.5 for the group.

If Xero is at about 1.5m subs at the half and cashflow positive (a big if), most/all of Intuit’s incumbency advantage will have gone and with proper execution Xero could end up global number one. Worst case they will be second.

Of note MYOB advisor looks to be a hit so most of the other companies are finding niches which they can exploit and leaving Xero/QBO as the major SME platforms of choice...