“However, we expect an approximate 80 basis points onetime step-down in non-GAAP operating margin reflecting the impact of Mailchimp as we plan to invest aggressively in the business.”

In context

“15% to 16%, GAAP earnings per share of $7 to $7.16, and non-GAAP earnings per share of $11.48 to $11.64. This updated fiscal 2022 guidance includes organic growth for the small business and self-employed segment of 16% to 17%, up from 12% to 14%, expected Mailchimp revenue of $760 million to $770 million, and Credit Karma revenue of $1.54 billion to $1.565 billion, up from $1.345 billion to $1.38 billion. As I shared before, we continue to see opportunities to leverage the platform and drive margin expansion over time. Excluding Mailchimp, our non-GAAP operating income guidance continues to imply approximately 60 basis points of margin expansion in fiscal 2022. Our guidance assumes the Mailchimp transaction is accretive to Intuit 's non-GAAP earnings per share in full-year fiscal 2022. However, we expect an approximate 80 basis points onetime step-down in non-GAAP operating margin reflecting the impact of Mailchimp as we plan to invest aggressively in the business. We expect non-GAAP operating margin expansion to continue from this new level over time in line with our financial principles. Our fiscal 2020 GAAP operating income guidance includes approximately $165 million for stock-based compensation associated with the acquisition of Mailchimp. In addition, our GAAP operating income guidance includes the impact of the Credit Karma acquisition along with investments we are making in stock compensation to attract and retain talent. We're confident these are the right decisions to drive long-term growth. And we expect a GAAP tax rate of 18% in fiscal 2022. Our guidance for the second quarter of fiscal 2022 includes revenue growth of 73% to 74%. GAAP earnings per share of $0.55 to $0.59 and non-GAAP earnings per share of $1.84 to $1.88. You can find ou”