I think you are right to question the value of this sort of...

I think you are right to question the value of this sort of analysis with unconfirmed numbers and would add that such analysis is also pretty useless when looking at companies as immature as BTH. I am not concerned about deteriorating churn firstly because BTH has relatively high customer concentration at this early stage which causes churn to be more volatile. Also, one swallow does not make a summer.

BTW the number of users doesn't impact CLV/CAC anyway but I agree that it is an issue if churn is rising. Another difference to Xero is BTH is selling to large enterprises so one customer may represents thousands of users. This is significant when thinking about churn and CAC because it may seem expensive to land these customers initially and it will sometimes take years to onboard all users, but switching costs and therefore the stickiness of each customer increases as the rollout proceeds.