MAAT INDEX

CLAIM #32397 · Intuit Inc (INTU) · 2022Q2 earnings call · Feb 24, 2022 · due Aug 24, 2023

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% organically over time.

Kim Watkins · VP Investor Relations

PENDING
graded after results covering Aug 24, 2023 are reported

In context

e to focus on connecting the ecosystem. Online services revenue, which includes Mailchimp, payroll, payments, capital and time tracking grew 139% in fiscal Q2. Excluding Mailchimp, online services revenue grew 39%. Mailchimp revenue recorded in online services was $240 million in the quarter. This was in line with our expectations. Within payroll, we continue to see revenue tailwinds during the quarter from growth in payroll customers and a mix shift to our full-service offering. Within payments, revenue growth reflects an increase in charge volume per customer and ongoing customer growth. Third, we continue to make progress expanding globally. Total international Online Ecosystem revenue grew 226% in fiscal Q2 on a constant currency basis and 33% on an organic basis, excluding Mailchimp. 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% organically over time. This is driven by 10% to 20% expected growth in both customers and ARPC. Desktop Ecosystem revenue grew 6% in the second quarter. QuickBooks Desktop Enterprise revenue grew low double digits, driven by strong customer growth and price increases. As a reminder, this fall, we transitioned to a subscription model for this year's desktop offering, which we expect to be a headwind to revenue growth in the second half of the year. Longer term, we expect the desktop business to decline. Consumer Group revenue of $411 million grew 180% in Q2, reflecting the earlier IRS opening this year. We are seeing a slower forming tax season taking into consideration both the earlier IRS open date this year and the latest IRS data. While still early in the season, our analysis shows we are on track to gain sh

Verify independently

SEC filings for INTU · Claim quote is verbatim from the 2022Q2 earnings call.