Recently, Xero Ltd.’s non-executive director Craig Winkler has reduced his shareholding to 10.5% (from 12.7%) to fund his private charitable trust. Winkler is a Director of Givia, the trustee for a private charitable trust and remains Xero’s second largest individual shareholder (via Givia) after Xero’s CEO, Rod Drury. Further, Winkler has informed Xero that he will seek to distribute 100% of Givia’s assets over approximately a 10-year time frame. Over that period, Givia will sell its portfolio holdings, including Xero shares, to fund its charitable giving, and stated its intention to manage its shareholding sale processes to minimize impact on the market. For FY17, operating revenue has surged about 43% to $295.4 million (51% rise when excluding currency movements) while the subscription revenue surged 44%. XRO has been able to grow its customer base by 44% to just over 1 million customers globally during the period and net subscriber additions for the year were 318k. There was also an improvement in net loss after tax to $69.1 million from $82.5 million of last year alongside improvement in EBITDA loss and gross margin percentage. XRO has hit positive operating cash-flow for the first time in the second half of the year, and has $113.7 million of cash and short-term deposits.