Intuit Inc (INTU)

“We are reducing our full time workforce by 17% to simplify our organizational structure to become a faster, leaner and more focused company.”

“As a result, we are raising total company guidance for revenue and all non GAAP metrics for the full fiscal year.”

“As Sasan mentioned, we are investing in our 3 big bets, we are playing offense in our core where this is different than the actions we took in 2024, is that, as Sasan mentioned, the majority of cost reductions we do expect to flow to the bottom line.”

“The DIY segment, remember the goal that we have articulated is that we want to maintain revenue share. And we actually expect this year to maintain our revenue share in the DIY category.”

“Our guidance for the 2026 includes total company revenue growth of 11% to 12%, GAAP earnings per share growth of $0.73 to $0.79, and non GAAP earnings per share of $3.56 to $3.62.”

“We expect a GAAP tax rate of approximately 24% in fiscal 26.”

“GAAP diluted earnings per share of $15.79 to $15.84 growth of approximately 16% and non GAAP diluted earnings per share of $23.80 to $23.85 growth of approximately 18%.”

“Our guidance includes Global Business Solutions Group revenue growth of approximately 16% with desktop revenue growth in the mid single digits.”

“Guidance includes total company revenue of $21.341 billion to $21.374 billion growth of 13% to 14%.”

“We maintain our aim to be in the market each quarter.”

“For the full year, we expect ProTax Group revenue growth of approximately 4%.”

“In total, we expect to deliver more than $25 billion in refunds through our fast money offerings this year.”

“As a result, we expect to deliver 26% revenue growth across consumer money portfolio this year.”

“TurboTax Live will therefore represent over half of TurboTax revenue, up 11-points versus last year, a significant milestone in our journey to disrupt the assisted category.”

“We expect TurboTax Live customers to grow 38% this year, with new TurboTax Live customers up 29%.”

“We also expect ARPU to increase 11% reflecting continued demand for assistance, and faster access to refunds.”

“Against this backdrop, we expect TurboTax online paying units to grow 2%, driven by share gains among higher ARPU filers.”

“Our consumer platform grew 8% this quarter. Credit card grew 15%, and we expect TurboTax to grow 7% for the full year.”

“We are committed to delivering annual EPS growth of at least mid teens over the coming years.”

“So what we are seeing is very durable and not just for the next couple of quarters.”

“I feel super confident in our guide for the full year. I feel super confident in my ability to deliver the margin expansion for the full year.”

“GAAP diluted earnings per share of $15.49 to $15.69, growth of 13% to 15% and non-GAAP diluted earnings per share of $22.98 to $23.18, growth of 14% to 15%.”

“Our guidance also includes overall Consumer Group revenue growth of 8% to 9%. This outlook is supported by continued strength and momentum across the portfolio, including TurboTax growth of 8%, Credit Karma growth of 10% to 13% and ProTax growth of 2% to 3%, giving us high confidence in achieving our Consumer Group guidance for the year.”

“Our guidance includes Global Business Solutions Group revenue growth of 14% to 15%. We have high confidence and a lot of momentum in achieving Global Business Solutions Group revenue guidance for the year.”

“We are reaffirming our fiscal 2026 guidance. This includes total company revenue of $20.997 billion to $21.186 billion, growth of 12% to 13%.”

“Given the current stock price and our strong confidence in the momentum of our business, we are continuing to meaningfully increase our share repurchases this year.”

“This is the next chapter of Intuit, service as software built on data, AI and HI, delivering double-digit revenue growth with expanding margins.”

“We expect a GAAP tax rate of approximately 23% in fiscal 2026.”

“We maintain our aim to be in the market each quarter.”

“We continue to expect desktop ecosystem revenue to grow low single digits in fiscal year 2026.”

“We continue to focus on improving go-to-market and product experience and now expect Mailchimp to return to double-digit growth sometime beyond fiscal 2026.”

“And on CK, in the second half of the fiscal year, the comps do get harder as we lap prior year's strong performance.”

“Expect the momentum to continue its strength in GBSG online. We continue to expect strength in mid-market, continue to expect a CK offering to resonate with both partners and consumers.”

“our productivity is significantly improving when we look at the last several quarters and we would expect to start adding more headcount in coming quarters.”

“We expect acceleration from these large partnerships that we've announced and many that are in the works to contribute to the back half of the year and into next year.”

“Our guidance for 2026 includes total company revenue growth of 14% to 15%, GAAP earnings per share of $1.76 to $1.81, and non-GAAP earnings per share of $3.63 to $3.68.”

“We expect a GAAP tax rate of approximately 23% in fiscal 2026.”

“GAAP diluted earnings per share of $15.49 to $15.69, growth of 13% to 15%, and non-GAAP diluted earnings per share of $22.98 to $23.18, growth of 14% to 15%.”

“Our guidance also includes overall Consumer Group revenue growth of 8% to 9%, including TurboTax growth of 8%, Credit Karma growth of 10% to 13%, and Protex growth of 2% to 3%.”

“Our guidance includes Global Business Solutions Group revenue growth of 14% to 15%, up 15.5% to 16.5% revenue growth excluding Mailchimp.”

“We are reaffirming our fiscal 2026 guidance. This includes total company revenue of $20.997 billion to $21.186 billion, growth of 12% to 13%.”

“Depending on market conditions and other factors, our aim is to be in the market each quarter.”

“We expect desktop ecosystem revenue to grow low single digits in fiscal 2026.”

“We continue to target double-digit growth for Mailchimp exiting fiscal 2026.”

“Soon, we'll be launching more advanced capacity planning, productivity, and collaboration capabilities.”

“We have thousands of customers in beta and plan to be GA soon.”

“Looking ahead to fiscal year 2026, we are confident in delivering another strong year of double-digit revenue growth and margin expansion.”

“We expect a GAAP tax rate of approximately 23% in fiscal 2026.”

“GAAP diluted earnings per share of $15.49 to $15.69, growth of 13% to 15% and non-GAAP diluted earnings per share of $22.98 to $23.18, growth of 14% to 15%.”

“Our guidance also includes overall Consumer Group revenue growth of 8% to 9%, including TurboTax growth of 8%, Credit Karma growth of 10% to 13% and ProTax growth of 2% to 3%.”

“Our guidance includes Global Business Solutions Group revenue growth of 14% to 15% or 15.5% to 16.5% revenue growth, excluding Mailchimp.”

“Our fiscal 2026 guidance includes total company revenue of $20.997 billion to $21.186 billion, growth of 12% to 13%.”

“Finally, Credit Karma. We are reiterating our long-term revenue growth expectations of 10% to 15%, reflecting the current size and scale of the business, our focus on delivering year-round benefits that lead to engagement, monetization and TurboTax growth.”

“We are reiterating the TurboTax long-term revenue growth rate of 6% to 10% in this interim period with TurboTax Live revenue expected to grow 15% to 20%.”

“This includes online paying ARPC growth of 10% to 20% and online paying customer growth of 5% to 10%.”

“With the momentum we see in Online Ecosystem revenue growth, we are reiterating our long-term revenue growth expectations for the Global Business Solutions Group of 15% to 20%.”

“We said we are going to grow TurboTax Live between 15% to 20%. We have a lot of confidence in that range.”

“We are confident in our long-term growth strategy, including double-digit revenue growth and operating income growing faster than revenue.”

“The impact we are seeing from implementing AI capabilities across our platform bolsters our confidence in our ability to continue to grow operating income faster than revenue, including the 100 basis point margin improvement we expect this fiscal year while investing in growth.”

“GAAP diluted earnings per share growth of 26% to 27%, up from prior guidance of 18% to 20% growth and non-GAAP diluted earnings per share growth of 18% to 19%, up from prior guidance of 13% to 14% growth.”

“Depending on market conditions and other factors, our aim is to be in the market each quarter to offset dilution from share-based compensation over a three-year period.”

“Based on strong progress throughout the year, we now expect GBSG revenue in the upper band of our previous guidance, representing 16% revenue growth for fiscal 2025.”

“Looking ahead, we expect online ecosystem revenue growth to accelerate to approximately 21% in Q4 and to grow approximately 20% in fiscal 2025.”

“We expect it to take several quarters to deliver improved outcomes at scale.”

“We expect online TurboTax units to decline approximately 1% this year and our share of total returns to decline approximately one point.”

“We expect pay-nothing customers of approximately 8 million, down from over 10 million last fiscal year.”

“We saw strong monetization across simple and complex filers, driving an expected 13% increase in average revenue per return or ARPR as more customers choose our assisted offerings and fast access to refunds.”

“We expect total online paying units to grow 6% this year on share gains from higher ARPR filers.”

“This will be introduced in the coming weeks.”

“We plan to introduce a refreshed end-to-end platform that completes key jobs all in one place with a virtual team of AI agents seeing much of the work side by side with our customers.”

“Look, we are committed to driving margin expansion over the long-term, and I feel super confident in our ability to deliver on the guidance that we've given for margin expansion this year.”

“We are confident in our long-term growth strategy, including double-digit revenue growth and operating income growing faster than revenue.”

“We are reaffirming our fiscal 2025 guidance. This includes: total company revenue growth of 12% to 13%; GAAP operating income growth of 28% to 30%; non-GAAP operating income growth of 13% to 14%; GAAP diluted earnings per share growth of 18% to 20%; and non-GAAP diluted earnings per share growth of 13% to 14%.”

“We are off to a strong start in tax this season and are reiterating our guidance for Consumer Group of 7% to 8% revenue growth in fiscal 2025.”

“1099, we just think it's immaterial. We may see a lot of uptake the rest of the season, but we don't -- we view both of them as immaterial.”

“And even some of the questions we get around the unfortunate events in LA with the fires, we expect that to be non-material impact to our Q3.”

“We expect the business group to continue to grow overall between 15% to 20%.”

“In terms of expectation for the year, consistent with what we have shared before, expect it to be flat to slightly up for the year as we continue to lean into investing in areas that are key to our future growth and also using AI internally to drive efficiency in terms of our employees.”

“We continue to expect Desktop Ecosystem revenue to grow in the low-single-digits in fiscal 2025.”

“Looking ahead, we continue to expect Online Ecosystem revenue in total to grow approximately 20% in fiscal 2025.”

“We are making early progress with product improvements, but continue to expect it to take several quarters to deliver improved outcomes at scale.”

“This is a segment in the long run that we would expect to grow 10% to 15%.”

“Depending on market conditions and other factors, our aim is to be in the market each quarter to offset dilution from share-based compensation over a three-year period.”

“we continue to have lots of confidence in our full-year path to margin expansion as a company.”

“we continue to feel really solid about our guidance for the year. And as I look internally, how we are leveraging AI and how we work as a company, I see tremendous opportunities for us to continue to expand our margin.”

“Our full year is intact. And it just shifted between quarters.”

“We remain confident in our long-term growth strategy, including double-digit revenue growth and operating income growing faster than revenue.”

“We are reaffirming our fiscal 2025 guidance. This includes total company revenue growth of 12 to 13%, GAAP operating income growth of 28 to 30%, non-GAAP operating income growth of 13 to 14%, GAAP diluted earnings per share growth of 18 to 20%, and non-GAAP diluted earnings per share growth of 13 to 14%.”

“absolutely, we could feel very, bullish and confident in our money strategy which includes, of course, payments, bill pay, and capital. The momentum you pointed out, has been strong in Q1 and expect that to continue throughout the year.”

“that trajectory continues to strengthen into the back half.”

“expect it to, in essence, accelerate as we look ahead.”

“We're sort of clicking on all the key cylinders that strategically was communicated to you all. And we expect that to continue.”

“the biggest contribution of all those investments that we've made are to come. And so we view that in the quarters to come.”

“We continue to expect desktop ecosystem revenue to return to growth in Q2 and overall, we expect desktop ecosystem revenue to grow in the low single digits in fiscal 2025.”

“Looking ahead, we continue to expect online ecosystem revenue in total to grow approximately 20% in fiscal 2025.”

“we think that will be impactful positively to our results.”

“Our belief, which is not baked into our guidance, is that we will see an improved environment as we look ahead in 2025.”

“Depending on market conditions and other factors, our aim is to be in the market each quarter to offset dilution from share-based compensation over a three-year period.”

“And so we have a lot of confidence with the margin expansion that Sandeep articulated, and not only from the platform leverage that we're getting, but from all of our AI investments internally to drive a lot of efficiency and productivity.”

“So just factors to keep in mind that AI should not be not getting in the way of our commitment to continue to find operating leverage and continue to scale our margin over time.”

“First of all, let me just start with we haven't accounted for or assumed anything in our guidance or around Intuit Assist for the coming year.”

“We expect a GAAP tax rate of approximately 23% in fiscal 2025.”

“Overall, we expect desktop ecosystem revenue to grow in the low-single-digits in fiscal 2025.”

“In total, these changes lower Q1 fiscal 2025 revenue by approximately $160 million and are largely related to more frequent product updates, beginning in Q4 of fiscal 2024, to align the customer delivery experience to our subscription model.”

“We also expect approximately $50 million of desktop revenue that would have otherwise been recognized in Q1 fiscal 2025 to shift to later quarters in fiscal 2025.”

“In fiscal year 2025, we expect these accelerated investments to deliver best-in-class, seamless payments, capital, banking, bill pay, and invoicing solutions.”

“We expect our accelerated investment in these areas to deepen our penetration in very manual, high-priced, and dis-aggregated assisted categories.”

“We are accelerating our investments to rollout Intuit Assist at scale in the coming year.”

“We are confident in our long term growth strategy, including double-digit revenue growth and operating income growing faster than revenue.”

“With that context, while we are scaling assisted, we are adjusting the Consumer Group long-term revenue growth rate to 6% to 10% in this interim period, with TurboTax Live revenue expected to grow 15% to 20%.”

“TurboTax Live revenue accounted for approximately 30% of Consumer Group revenue in fiscal 2024, and we expect it to become the majority of Consumer Group revenue in the coming years.”

“With the learnings from operating in the current business cycle, we are updating our long-term revenue growth expectations to 10% to 15%, reflecting the current size and scale of the business, and as we focus on creating seamless, end-to-end experiences with TurboTax that benefit consumers from year-round.”

“As part of this, we continue to expect online paying ARPC growth of 10% to 20%, and we now expect online paying customer growth of 5% to 10%.”

“With the momentum we see in online ecosystem growth, we are reiterating our long-term revenue growth expectations for the Small Business and Self-Employed Group of 15% to 20%.”

“Depending on market conditions and other factors, our aim is to be in the market each quarter.”

“We remain committed to our financial principles, growing revenue double digits and growing operating income dollars faster -- slower than revenue, leading to expanding operating margin in fiscal 2025 and beyond.”

“Based on our estimates, we believe the IRS total returns will grow about 1%.”

“non-GAAP operating income growth of 16%, up from prior guidance of 12% to [16%] (ph) growth;”

“GAAP operating income growth of 21% to 22%, up from prior guidance of 15% to 18% growth;”

“As a result of the strong growth we are seeing in the Small Business and Self-Employed Group, we are raising our full year segment revenue growth guidance to 18%, up from the prior guidance of 16% to 17%.”

“As I shared last quarter, starting next fiscal year, we expect our Desktop Enterprise offering, which accounts for over half of desktop accounting revenue, to grow in the high-single digit range.”

“Due to yielding share with pay-nothing and lower ARPR customers, we expect our share of total consumer returns to decline approximately 80 basis points this year, and total TurboTax units to decline 1%.”

“Overall retention is expected to be up 3 points year-over-year in fiscal 2024, close to pre-COVID levels, demonstrating the strength of our offerings and highlighting the benefits we are delivering to our customers.”

“We expect TurboTax to gain share with higher ARPR filers, as we strategically prioritized focusing on the assisted tax segment and higher value customers over the pay-nothing and lower ARPR segment.”

“We continue to expect Small Business and Self-Employed Group revenue growth of 15% to 20% long-term.”

“We continue to expect Consumer Group revenue growth of 8% to 12% long-term given the size and trajectory of TurboTax Live.”

“Depending on market conditions and other factors, our aim is to be in the market each quarter.”

“We look at our margins and aim to deliver our margin commitments for the full year. And I feel quite confident in our path to do so.”

“GAAP earnings per share growth of 11% to 15% and non-GAAP earnings per share growth of 12% to 14%.”

“We are reaffirming our fiscal 2024 guidance. This includes total company revenue growth of 11% to 12% and GAAP operating income growth of 15% to 18%; non-GAAP operating income growth of 12% to 14%.”

“But expect that to continue to lead to more efficiencies in a customer success calls lead to more better unit economics in a full service than live offerings, as you kind of carry that forward.”

“So that is where the growth formula, we continue to abide by the growth formula that we have publicly discussed about 10% to 20% customer growth, 10% to 20% ARPC growth. But as we continue to focus on the mid market, you should expect us to lean in more towards the ARPC growth because of this dynamic with the mid-market.”

“We expect that to continue for the rest of the year.”

“We believe this will also drive higher ARPC over time.”

“We believe this can drive increased member engagement and conversion, and drive higher revenue per monthly active user.”

“We believe Intuit Assist will lead to higher frequency of engagement and monetization across the platform, driving customer growth, accelerated adoption of services and live offerings.”

“Business tax returns have a much higher average revenue per return because they are more complex and we expect them to contribute to average revenue per return expansion over time.”

“Depending on our market conditions and other factors, our aim is to be in the market each quarter.”

“let me start by reiterating our commitment to having our expenses growth lower than revenue and in essence, delivering our margin expansion and operating leverage, which is something that we hold dearly and our guidance of 40 to 60 bps expansion for the year reflects the discipline that we have as a management team.”

“We are reaffirming our fiscal 2024 guidance. This includes total company revenue growth of 11% to 12%, GAAP operating income growth of 15% to 18%, non-GAAP operating income growth of 12% to 14%, GAAP earnings per share growth of 11% to 15% and non-GAAP earnings per share growth of 12% to 14%.”

“You're right, some of those will get caught up, and we'll have those expenses in Q2 and so once you look at Q1 and Q2 spent together, those things will start normalizing out.”

“I would not expect any meaningful shift in the seasonality of our marketing spend, which I think is the question that you're asking.”

“We continue to expect the online ecosystem to be a growth catalyst longer term.”

“Looking ahead, we expect continued strong desktop ecosystem to revenue growth this year as we complete the remaining part of the three-year transition.”

“Depending on market conditions and other factors, our aim is to be in the market each quarter.”

“The 40 to 60 bps of guidance reflects those investments and, quite frankly, reflects the strength and resilience of our platform.”

“We expect a GAAP tax rate of approximately 23% in fiscal 2024.”

“Depending on market conditions and other factors, our aim to be -- is to be in the market each quarter.”

“We continue to expect the online ecosystem to be our growth catalyst longer-term.”

“Looking ahead, we expect continued strong desktop ecosystem revenue growth next year as we complete the remaining part of the three-year transition.”

“Over the long term, we remain committed to our growth algorithm of 10% to 20% ARPC and customer growth.”

“As I look ahead, I see plenty of runway for us to continue to operate in accordance with our financial principles to grow expenses slower than revenue, therefore, implying a margin expansion.”

“You're going to see more come from ARPC than volume, and that's just the nature of the opportunity.”

“Looking ahead, we continue to anticipate Small Business and Self-Employed revenue growth of 15% to 20% per year in long term.”

“Approximately $4.2 billion of the debt is maturing over the next 15 months and we are evaluating refinancing opportunities subject to market and other conditions.”

“And then with one quarter left in the year, we, of course, have confidence to improve the guidance that we provided to what Michelle shared earlier.”

“We are innovating across all verticals and continue to have confidence in our long-term revenue growth expectations of 20% to 25%, despite near-term headwinds.”

“We are raising our total company fiscal year 2023 revenue, operating income, earnings per share guidance.”

“Yes, you're right in what you heard us say earlier, which is we would expect retention to be down 1 point-plus.”

“non-GAAP operating income growth of 21%, up from prior guidance of 17% to 19% growth;”

“GAAP operating income growth of 19% to 20%, up from prior guidance of 9% to 13% growth;”

“However, we continue to expect personal loan revenue to decline this year after very strong growth in fiscal 2022.”

“We continue to expect the online ecosystem to be our growth catalyst longer-term.”

“Looking ahead, we expect continued strong desktop ecosystem revenue growth next quarter and as we complete the remaining part of the three-year transition.”

“We continue to anticipate Consumer Group revenue growth of 8% to 12% long-term.”

“We expect TurboTax Online paying customers to decline 1% this year, and a total of over 11 million customers who pay us nothing, down from 13 million last year.”

“As a result of this expected decline in IRS returns, we anticipate total customers to decline 5% this year.”

“We expect TurboTax Live customers to grow 13% this year, with TurboTax Live revenue up 19%, and total average revenue per return to grow 12%.”

“We expect our share of total IRS returns to be down approximately 80 basis points this fiscal year, primarily reflecting pandemic-era stimulus filers who did not file taxes this season.”

“And I believe in the next several years, this will actually be the largest part of the TurboTax business.”

“Depending on market conditions and other factors, our aim is to be in the market each quarter.”

“That is what continues to give us a lot of confidence in our 15% to 20% long-term expectations for the small business franchise.”

“We are reaffirming our fiscal 2023 guidance. This includes total company revenue growth of 10% to 12%, GAAP operating income growth of 9% to 13% and non-GAAP operating income growth of 17% to 19%.”

“We remain confident in our guidance of a decline of 15% to 10% in fiscal 2023.”

“We remain confident in our guidance for Consumer Group of 9% to 10% revenue growth for fiscal 2023.”

“We remain confident in our guidance for total Small Business and Self-Employed group of 19% to 20% revenue growth this year.”

“We continue to have confidence in our long-term growth expectations of 20% to 25% despite near-term headwinds.”

“Yes, I would say that this year, we could pretty much expect the same – that same trend to continue.”

“It will translate into faster revenue growth, sort of, in the coming quarters, which is, by the way, not embedded in our guidance, just to be clear, but we're excited about the progress that we're making.”

“I think we'll see the results of that in the next two to three quarters, where we'll start making a bigger impact in not only retaining our high-value customers, but also penetration in mid-market.”

“I think it was even more pronounced in small business because of the business model shift in desktop, where we are bringing pricing to parity with online and we just -- we expect that to continue in the next several quarters, but that there's a durability element of this, not just a quarterly element for this.”

“We believe the majority of our growth will continue to come from volume and mix and price will always be a lever because particularly that we are moving upmarket.”

“The strength of our businesses, as Michelle and I described a moment ago, and we expect that strength to continue, although, when you look at our guidance, I think the way you should look at our guidance is that it has been de-risked for sure, for the rest of the year.”

“We continue to expect the online ecosystem to be our growth catalyst going forward.”

“Depending on market conditions and other factors, our aim is to be in the market each quarter.”

“We actually feel like our guidance in Small Business is derisked because we make certain assumptions around how things will potentially play out the remainder of the year that we took into account when we set the initial guidance, and we still feel very good about the guidance.”

“We feel that it is absolutely derisked. We -- as you heard from Michelle and I, we have built a deterioration and conservatism in the back half of the year because we have taken into account uptick in both unemployment and delinquency rates, and therefore, have put out a guidance that we believe is the risk.”

“But we have assumed that, that will get worse over time.”

“In essence, yes, we're continuing to see growth in credit cards, but we're actually assuming that, that will really deteriorate the rest of the year based on unemployment going up and delinquency rates going up.”

“I think the way to think about it is we're going to continue to see ARPU growth into the future, and a lot of it will come from the assisted segment.”

“And we expect that momentum to continue the rest of the year.”

“We are reiterating our GAAP and non-GAAP operating income and earnings per share guidance for fiscal 2023.”

“In both businesses, we expect the majority of our growth this year to come from customer growth and mix.”

“This embeds the current trends we're seeing and additional conservatism in the remainder of the year despite the expected continued rollout of several new innovations.”

“We continue to expect personal loan revenue to decline this year after very strong growth in fiscal 2022.”

“We continue to expect the Online Ecosystem to be our growth catalyst going forward.”

“Regardless of the near-term macro volatility, we remain confident in our long-term revenue growth expectations of 20% to 25% for Credit Karma driven by our vision and innovation to become the self-driving financial platform fueling prosperity for all consumers.”

“In some cases, we have elements of our tax business that actually we've assumed may decline in the second quarter.”

“Depending on market conditions and other factors, our aim is to be in the market each quarter.”

“So, we actually see more normality as we look ahead than we experienced in the last 2 to 3 years.”

“Looking ahead, we expect stock-based compensation as a percentage of revenue to flatten over the next few years.”

“We expect a GAAP tax rate of 25% in fiscal 2023.”

“Our overall guidance assumes recent demand trends continue.”

“Our guidance includes revenue growth of 19% to 20% for Small Business and Self-employed, 9% to 10% for the Consumer segment and 10% to 15% for Credit Karma.”

“Depending on market conditions and other factors, our aim is to be in the market each quarter.”

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

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

“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.”

“First on tax, our tax businesses are very resilient, and we do not expect a mild recession to have any significant impact.”

“I’m pleased we are guiding to another year of strong revenue growth and strong margins in fiscal year 2023.”

“We now expect total Small Business and Self-Employed long-term revenue growth of 15% to 20%, up from 10% to 15% previously.”

“We remain committed to growing organic revenue double digits and growing operating income dollars faster than revenue.”

“With our investments in the product that I mentioned a moment ago, the investments that we are making strategically in marketing and that will accelerate over time. And then doing so going upmarket and international, we expect that will be accretive to growth as we head into the future.”

“given the way our business works, the platform that we have, and really the need that small businesses and consumers have in times like these, even more for our products and our platform, we don’t anticipate seeing an impact.”

“We now expect a GAAP tax rate of approximately 20% this year, up from 18% previously”

“GAAP earnings per share of $6.95 to $7.01, down from prior guidance of $7 to $7.17”

“Depending on market conditions and other factors, our aim is to be in the market each quarter.”

“We take a disciplined approach to capital management, investing the cash we generate in opportunities that yield an expected return on investment greater than 15%.”

“As we have shared before, as we lean into our platform strategy, we see the opportunity for margin expansion over time.”

“Longer term, we don’t expect the desktop business to be a growth driver for the Small Business and Self-Employed Group.”

“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.”

“We expect the base of customers paying us nothing in our commercial-free offering to decline 11% this year to just over 13 million from over 14 million last year.”

“As a result of the weaker IRS returns, we now expect total customer growth of 1%, including TurboTax Online paying customer growth of 8% this year.”

“We now expect the do-it-yourself category share of total IRS returns to be flat this year below our expectations after growing an average of approximately 1 point per year over the last 2 years.”

“We now expect overall IRS returns to decline 3% through July 31 compared to IRS returns growth of 3% to 4% the last 2 seasons.”

“We anticipate achieving a significant milestone with TurboTax Live revenue reaching $1 billion in fiscal year 2022, growing approximately 30% and customers growing 20%.”

“We expect customers in under-penetrated segments, including Latinx, self-employed and investors to grow double-digits in total.”

“This fiscal year, we expect our share of total IRS returns to be up approximately 1 point and our share of the do-it-yourself category to increase 2 points.”

“We expect this to take time for it to translate into financial results, but we’re excited about the potential.”

“So the demand continues, whether the interest rates are high or low because they're looking to access financial products.”

“We are reaffirming our fiscal 2022 guidance, including 26% to 28% revenue growth or 18% to 20% growth excluding Mailchimp.”

“We remain committed to growing organic revenue double digits and growing operating income dollars faster than revenue.”

“We remain confident in our plans and guidance of 10% to 11% revenue growth for fiscal 2022.”

“If you recall, probably a couple of quarters ago, Michelle and I both talked about the fact that we expect a tapering of originations in the second half of the year, we would expect to continue to see strength because of our execution and because of Lightbox and the fact that we really deliver personalized experiences, which is good for members and good for partners, but we expect a tapering of origination.”

“We expect to complete this process before we file our 10-Q.”

“Depending on market conditions and other factors, our aim is to be in the market each quarter.”

“We take a disciplined approach to capital management, investing the cash we generate in opportunities that yield an expected return on investment greater than 15%.”

“As we shared before, as we lean into our platform strategy, we see the opportunity for margin expansion over time.”

“Longer term, we expect the desktop business to decline.”

“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.”

“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.”

“Excluding Mailchimp, our non-GAAP operating income guidance continues to imply approximately 60 basis points of margin expansion in fiscal 2022.”

“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.”

“We actually put the impact of Credit Karma integrated as part of TurboTax and vice versa is almost 3 years out because we really want to nail the experience.”

“We do believe that in the next year or less, that international will start to slowly bounce back.”

“We do expect to see some headwinds for that growth as we go further out through the rest of the year, especially with all the subscriber growth instead of an outright.”

“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.”

“Our guidance assumes the Mailchimp transaction is accretive to Intuit 's non-GAAP earnings per share in full-year fiscal 2022.”

“We continue to expect pent-up demand across the core verticals to taper sometime in the second half of fiscal 2022 after a strong year of investment by our partners.”

“We expect the Desktop business to decline longer-term.”

“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.”

“This is driven by 10% to 20% expected growth in both customers and ARPC.”

“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.”

“Depending on market conditions and other factors, our aim is to be in the market each quarter.”

“It's really in credit cards and personal loans that we believe originations will go back to pre - COVID levels, which were strong, it's just there was pent-up demand so it grew to double-digits.”

“But with that said, we're assuming a much slower recovery international than we are in the U.S. because I think it's just really important that we get out of this health crisis.”

“We have continued to say that we expect gross margin to remain fairly flat over time.”

“But we do anticipate that that will just continue to decline over time.”

“We continue to see margin expansion opportunities ahead.”

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

“However, our guidance implied GAAP operating margin declined just over 2 points in fiscal 2022 versus fiscal 2021.”

“GAAP earnings per share of $7.46 to $7.66 and non - GAAP earnings per share of $11.05 to $11.25.”

“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% over time. This is driven by 10% to 20% expected growth in both customers and ARPC.”

“We expect no impact on revenue from this decision.”

“In terms of those things turning into material customer revenue growth, there -- we're not counting on that in the near-term, we're counting on that more on the mid-term because we want to really continue to nail the experience in creating ecosystem benefit across all of our members.”

“Depending on market conditions and other factors, our aim is to be in the market each quarter.”