“We expect Lightbox to help make Credit Karma’s business more resilient in a recessionary environment.”

In context

“t card originations declined only a few points. And for context, credit cards represent nearly half of credit card revenue in fiscal year 2022. We do expect Lightbox to continue to be a differentiator for Credit Karma as this technology allows lenders to deploy their targeting models in an encrypted environment and leverage thousands of anonymized financial attributes related to Credit Karma members and TurboTax customers. This provides more certainty to members and partners on the platform as recommendations are personalized. Currently, no one else can replicate this. Partners usage of Lightbox at the end of fiscal year 2022 was at an all-time high, representing nearly 70% of credit card and personal loan transactions on a combined basis. This was up nearly 15 points from the prior year. We expect Lightbox to help make Credit Karma’s business more resilient in a recessionary environment. Now with that as context, the guidance we are providing today assumes current demand trends continue. Wrapping up, we feel more confident than ever in our long-term business strategy. In an uncertain macro environment, the benefits of our platform are more important and mission-critical than ever. As part of our 3 and 1-year plan that the Board just approved, we are investing heavily in innovation within each of our Big Bets to deliver benefits for our customers while delivering top line growth and margin expansion given the strength of our operational playbook. Combined with our strong business fundamentals, including our balance sheet, Intuit remains in a position of strength. We’re proud to be the platform of choice for over 100 million customers around the world who rely on Intuit to”