A few quick points I took away from the Q&A on today’s investor call, summarised in my words. (Presentation was a rehash of the results pdf)

-      No significant churn increase with recent price hikes, subscribers average 9.3 years

-      Investment into growth is still a key criteria. The de rating of tech stocks hasn’t changed the reinvesting revenue thesis.

-      Wage inflation has been considered with op expense budget

-      Competition, there has been no significant changes in the landscape. UK in particular sounds like a land grab with the impending digital compliance for small business pushing them towards digital/cloud solutions, currently 1/3 SME have migrated in the UK.

-      Pricing strategy focuses on adding value through new/additional components to improve ARPU

-      M&A comments, cultural fit with XRO noted as key consideration and management are happy with acquisitions integration to date.

Held IR