“On a non-GAAP basis, our guidance implies operating margin in fiscal 2022 expands approximately 60 basis points.”

In context

“hare of $11.05 to $11.25. We expect the GAAP tax rate of 20% in fiscal 2022. Note that our revenue guidance for Credit Karma of $1.345 billion to $1.38 billion translates into 18% to 21% growth if we had a full year of Credit Karma revenue during fiscal 2021. I'd like to provide some additional context around our operating margin expectations. As I've shared before, we continue to see opportunities to leverage the platform and drive margin expansion over time. However, our guidance implied GAAP operating margin declined just over 2 points in fiscal 2022 versus fiscal 2021. This reflects the impact of the Credit Karma acquisition along with investments we're making in stock compensation to attract and retain talent. We are confident these are the right decisions to drive long-term growth. On a non-GAAP basis, our guidance implies operating margin in fiscal 2022 expands approximately 60 basis points. As I shared last quarter, fiscal 2021 was a very unique year, as we took a conservative approach to investments during the first half of the year when we were deep in the pandemic, and then the business started to bounce back more quickly than we anticipated in the second half. Our fiscal 2022 non-GAAP operating margin implies on average, a point of expansion each year since fiscal 2019. Even though our initial guidance after closing the Credit Karma acquisition included a negative 2-point non-GAAP operating margin impact. We continue to see margin expansion opportunities ahead. Our Q1 fiscal 2022 guidance includes revenue growth of 36% to 38% GAAP earnings per share of $0.14 to $0.19 and non-GAAP earnings per share of $0.94 to $0.99. You can find our full Q1 and fiscal 2020 guidance det”