Xero's original expectation was that it would have been publicly traded in this company two years ago. The report continued the software company is following a path of cautious growth in the U.S. Xero ended the year with the growth in revenue far outstripping the increase in the loss. CEO Rod Drury was upbeat in prepared remarks. "As our operating revenues and annualised committed monthly revenues grow, we will continue to strengthen our position with the goal of becoming a $1 billion+ revenue generating business," Drury said. Xero lost about $56 million in fiscal 2016, an 18.8-percent increase over the prior year. However, much of the red ink came in the first half as the loss shrank in the second half, compared to the second half of fiscal 2015. Subscription growth was strong, although most of Xero's markets have become large enough it's difficult to achieve the triple-digit increases of the past. Xero ended the year with 717,000 subscribers, a 51-percent rise from 475,000 at the end of fiscal 2015. Australia continued as the company's top country with 312,000 subscribers, up 54 percent from 203,000. Home country New Zealand, had 186,000 subscribers, a 35-percent rise from 138,000 while the United Kingdom had 133,000, a increase of 60 percent from 83,000. There were 62,000 subscribers in the United States and Canada, a 77–percent rise from 35,000 a year ago. Revenue was about $140 million for 2016, a 67-percent hike over 2015.