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CLAIM #32347 · Intuit Inc (INTU) · 2021Q4 earnings call · Aug 24, 2021 · due Jul 31, 2022

We believe the best measure of the health and success of our strategy is Online Ecosystem revenue growth, which we expect to grow better than 30% over time. This is driven by 10% to 20% expected growth in both customers and ARPC.

Michelle Clatterbuck · CFO

CANNOT_DETERMINE
resolved by a revision, graded at the moved level · official band 5 percent
Committed
we expect [Online Ecosystem revenue] to grow better than 30% over time
Reported
we will no longer provide specific Online Ecosystem goals

In context

ystem. Online services revenue, which includes payments, payroll, time tracking, and capital, grew 35% in fiscal Q4. Within payments, revenue growth reflects ongoing customer growth along with an increase in charge volume per customer. Within payroll, we continued to see revenue tailwinds during the quarter from growth in payroll customers and a mix shift to our full-service offering. During the quarter, we continued migrating customers to our new full-service lineup, which added approximately 5 points to online services growth. We're also seeing the number of employees per customer back to pre-pandemic levels. Third, our progress expanding globally added to the growth of Online Ecosystem revenue during fiscal Q4. Total international online revenue grew 47% on a constant currency basis. We believe the best measure of the health and success of our strategy is Online Ecosystem revenue growth, which we expect to grow better than 30% over time. This is driven by 10% to 20% expected growth in both customers and ARPC. Desktop ecosystem revenue grew 5% in the fourth quarter and 4% for the full year. QuickBooks Desktop Enterprise revenue grew mid-single-digits in fiscal 2021. Consumer Group revenue grew 14% in fiscal 2021 above the high end of our longer-term expectation of 8% to 12%. Fiscal 2021 was the fourth consecutive year of double-digit revenue growth for the Consumer Group. TurboTax units grew 6% this season. There are 4 primary drivers in our consumer business. Note that these metrics exclude approximately 8 million stimulus filings last season. This data reflects the season through July 31, 2021, versus the prior season through July 31, 2020. The first is the total number of returns filed with the IRS, which we estimate will be up approximately 3% this season, higher than our prior estimate of

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SEC filings for INTU · Claim quote is verbatim from the 2021Q4 earnings call.