Xero Limited (ASX: XRO) has released its full year results for the year ended 31 March 2022. During the period, the Company witnessed a 29% growth in its operating revenue to AU$1.1 billion. Core accounting revenue improved by 23%, driven by subscriber growth and ARPU increases. Platform revenue grew 113% to account for 11% of total operating revenue, up from 7% in FY2021. The growth in platform revenue was driven by growth in payments, payroll and revenues from lately acquired businesses together with Planday.
Its total subscribers increased by 19% to 3.3 million. Annualised monthly recurring revenue improved by 28% to AU$1.2 billion. EBITDA increased by 11% to AU$212.7 million. However, free cash flow dropped significantly by 96% to AU$2.1 million. The net loss for the period was AU$9.1 million. The net loss and free cash flow are in line with the Company’s preference to reinvest capital generated back into the business.
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