“We expect to ramp up marketing in September after these enhancements are complete.”

In context

“ts, Capital and Time Tracking grew 116% in fiscal Q4. Excluding Mailchimp, Online Services revenue grew 29%. In fiscal 2022, QuickBooks Online Services revenue grew 107%. Excluding Mailchimp, Online Services revenue grew 34%. Mailchimp revenue included in Online Services was $265 million. Although we are making progress with this business as we accelerated our year-over-year revenue growth several points in fiscal Q4 versus when we closed the acquisition in fiscal Q2, revenue was slightly below our expectations. During the quarter, we focused on product innovation to improve conversion ahead of peak season, which starts in September, and therefore, pulled back on marketing investments. I am confident that these are the right steps to position us well as we head into Mailchimp peak season. We expect to ramp up marketing in September after these enhancements are complete. We continue to have confidence in our game plan and acceleration priorities for Mailchimp. Within Payroll, revenue growth in the quarter reflects an increase in Payroll customers and a mix shift to higher-end 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. On a constant currency basis, total international Online Ecosystem revenue grew 193% in fiscal Q4 and 23% on an organic basis excluding MailChimp. Desktop Ecosystem revenue grew 1% in the fourth quarter and 4% for the full year. QuickBooks Desktop Enterprise revenue grew low double digits in fiscal 2022 driven by price increases and customer growth. Nearly all of our desktop accounting revenue is now subscrip”