Ben Axler · activist-deck
Intuit Inc. (INTU)
125 pages · 0 arc beats · 3 loops
Intuit Inc. (INTU)
Ben Axler · 2024-09 arc beats above · slides in the middle · loops below · scroll → 3 LOOPS
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Deck intelligence map
1 coverage by narrative range · generated from this deck JSON
Narrative range 125 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
Whole deck 125 slides 100% 125/125 slides 100% 125/125 slides · 923 hits — 0/125 slides
8.8% 11/125 slides · 13 hits 76% 95/125 slides — 0/125 slides
22.4% 28/125 slides Slide inventory
125 every slide · same image gating as the playbook
01
The slide uses a 'cockroach' visual metaphor to imply infestation or rot within the company's financials.front_matter
03
The slide uses a table to establish credibility by citing past successful short campaigns.cite_precedent
04
The slide uses alternating row colors to distinguish between sections.front_matter
06
The slide uses a narrative structure to frame the company's shift from a software-focused business to a services-focused one as a negative development.executive_summary
07
The slide uses a bulleted list to systematically dismantle the company's reporting transparency and business quality.diagnose_problem
08
The slide uses a list-based argument structure to systematically dismantle the investment thesis for Intuit's recent M&A and core business segments.name_villain
09
This is a text-heavy slide typical of activist investor presentations, focusing on reputational and operational risks.diagnose_problem
10
Slide 10 of an activist short report by Spruce Point Capital Management.name_villain
Open slide detailLoop · Aha Moment
11
This is a dense text-heavy slide summarizing the core arguments of an activist short report.summarize
Open slide detailLoop · Aha Moment
12
The slide serves as an executive summary of the activist short thesis.summarize
Open slide detailLoop · Aha Moment
14
The slide uses a table to contrast reported segment revenue with a list of services, highlighting that many revenue streams are estimated rather than reported.expose_contradiction
Open slide detailLoop · Aha Moment
15
The table has a large red X over the Q1 FY18 column, likely indicating a change in reporting or a point of contention.expose_contradiction
Open slide detailLoop · Aha Moment
16
The slide uses red shading to highlight missing or inadequate disclosures by Intuit.compare_peers
17
Uses a 'quote-response' structure to expose management's lack of transparency.expose_contradiction
18
The slide uses a 'red flag' callout box to highlight the 22% revenue assumption as a potential point of failure in analyst modeling.expose_contradiction
19
Includes a quote from a former executive and a competitive landscape callout.expose_contradiction
20
Uses a combination of qualitative transcript analysis and a quantitative estimation table to build the case for non-disclosure.expose_contradiction
21
This is a classic activist short-seller slide designed to discredit a partner company (Green Dot) to cast doubt on the primary target (Intuit).name_villain
22
Uses news headlines and quotes to build a case against the stability of the BaaS model.expose_contradiction
23
The slide uses a table to expose inconsistencies in Intuit's loan reporting, specifically focusing on the 'Difference' row and the shifting disclosure practicesexpose_contradiction
24
Includes a screenshot of Intuit's loan calculator and a table calculating interest revenue over 9 quarters.quantify_opportunity
25
Uses a dual-axis chart (bar for lending, line for growth) with numbered callouts to annotate specific periods of decline and strategic shifts.expose_contradiction
26
Includes a red box highlight on the chart to emphasize the recent upward trend in delinquency rates.diagnose_problem
27
The slide uses bold red text to emphasize the specific new language added to the 10-K filing.expose_contradiction
28
Uses screenshots of court documents as primary evidence to contradict corporate disclosure.expose_contradiction
29
Uses a 'Which is it?' callout to highlight the contradiction between the 2007 prospectus and the 2012 CEO statement.expose_contradiction
30
Uses a combination of historical peer data (Harland Clarke 2008) and current Intuit disclosures to build a revenue estimate.size_opportunity
Open slide detailLoop · Iceberg
31
Uses a combination of anecdotal customer feedback (links) and competitive landscape data to undermine the company's growth narrative.expose_contradiction
Open slide detailLoop · Iceberg
32
Uses expert testimony (Tegus) to validate the thesis that Intuit's B2C DNA is incompatible with B2B mid-market requirements.preempt_rebuttal
Open slide detailLoop · Iceberg
33
The slide uses a comparison table to highlight feature gaps and an ad screenshot to demonstrate competitive pressure.compare_peers
Open slide detailLoop · Iceberg
34
Uses expert network (Tegus) transcripts to undermine management's narrative on international expansion.expose_contradiction
Open slide detailLoop · Iceberg
35
Uses a 'red X' overlay on a 2018 slide to visually demonstrate failure.expose_contradiction
Open slide detailLoop · Iceberg
36
The slide uses a combination of a thesis-driven argument and a supporting expert quote to validate the 'disruption' narrative.expose_contradiction
Open slide detailLoop · Iceberg
37
Includes screenshots of Square and Shopify navigation menus to illustrate the breadth of their current offerings.expose_contradiction
Open slide detailLoop · Iceberg
38
The slide uses survey data to argue that vertical SaaS platforms are a threat to QuickBooks by expanding into accounting.analyze_data
Open slide detailLoop · Iceberg
39
This is a section divider or thesis slide featuring the Spruce Point Capital Management logo (the pine tree).frame_problem
Open slide detailLoop · Iceberg
40
Uses a red-themed comparison table to frame Mailchimp as a lower-quality asset.compare_peers
Open slide detailLoop · Iceberg
41
Uses a combination of expert testimony (Tegus) and social proof (Reddit/Trustpilot) to build a negative narrative.expose_contradiction
42
The slide uses a red bar to highlight Mailchimp among its competitors.compare_peers
43
Uses expert network testimony (Tegus) to undermine the investment thesis.expose_contradiction
44
The slide uses red text to highlight key negative sentiments within the quotes.expose_contradiction
45
The slide uses a combination of qualitative narrative (Shopify's statement) and quantitative data (revenue growth comparison) to build a case against Mailchimp'compare_peers
46
Data table comparing Mailchimp, Constant Contact, Klaviyo, Zoho, and Sendgrid.compare_peers
47
The slide highlights a sharp decline in the number of websites using Mailchimp, specifically among top-traffic sites.expose_contradiction
48
The slide uses BuiltWith data to support the thesis of Mailchimp's decline relative to Klaviyo.compare_peers
49
The slide uses a combination of a historical line chart and a comparative valuation table to establish a 'premium' calculation.show_valuation_bridge
50
The chart illustrates the 'top-ticking' of a market cycle by highlighting the acquisition date against a declining valuation trend.preempt_rebuttal
52
Uses expert testimony from Tegus to frame Credit Karma as a cyclical 'digital direct mail' business.expose_contradiction
53
Includes a direct quote from a former Intuit director to support the thesis of a 'frenemy' relationship.preempt_rebuttal
54
The slide uses a quote to undermine the growth narrative of the target company.expose_contradiction
55
The slide uses callout boxes to emphasize specific negative trends identified in the data.analyze_data
56
Includes a red trend line on the top chart and a red box highlighting negative growth on the bottom chart.diagnose_problem
57
The chart uses a red box to highlight the 'Negative PoP Change' area.expose_contradiction
58
Includes a screenshot of an FTC press release headline and a summary of the complaint's findings.expose_contradiction
59
Uses external citations (MIT Credit Union, Medium, Reddit) to build a case of consumer deception.expose_contradiction
60
The slide uses screenshots of various review platforms (BBB, Trustpilot, PissedConsumer, ConsumerAffairs, CFPB) to build a case against the company's reputationexpose_contradiction
Open slide detailLoop · Cost Of Inaction
61
The slide uses a chronological sequence of quotes to highlight management's shifting narrative.expose_contradiction
Open slide detailLoop · Cost Of Inaction
62
Uses callout boxes to annotate specific points in the timeline of financial reporting changes.expose_contradiction
Open slide detailLoop · Cost Of Inaction
63
The slide uses a 'before-after' framing to show the impact of the Mint shutdown announcement on competitor metrics.expose_contradiction
Open slide detailLoop · Cost Of Inaction
64
The slide uses a combination of a line chart showing rising enforcement actions and news headlines about failed banks (Cross River, Silvergate, Signature) to buname_villain
Open slide detailLoop · Cost Of Inaction
65
Spruce Point Capital Management branding (tree logo).frame_situation
Open slide detailLoop · Cost Of Inaction
66
The slide uses a timeline-style list of events to build a case against the company's integrity.expose_contradiction
Open slide detailLoop · Cost Of Inaction
67
The slide uses a direct quote from a government official to frame the company's ongoing behavior as a persistent risk.expose_contradiction
Open slide detailLoop · Cost Of Inaction
68
The slide uses a combination of regulatory excerpts and community forum commentary to build a case against Intuit's partner selection.expose_contradiction
Open slide detailLoop · Cost Of Inaction
69
Uses a letter from Senator Ron Wyden as primary evidence to expose corporate negligence.expose_contradiction
Open slide detailLoop · Cost Of Inaction
70
Includes a dual-axis chart showing lobbying spend vs number of lobbyists, and a screenshot of an Intuit blog post as a counter-example.expose_contradiction
Open slide detailLoop · Cost Of Inaction
71
Uses IRS survey data to undermine Intuit's investor day claims regarding market penetration.expose_contradiction
72
The slide uses a side-by-side comparison to highlight the discrepancy between corporate rhetoric and academic research findings.expose_contradiction
73
Uses a comparison of IRS survey data vs. third-party review sites (Trustpilot, ConsumerAffairs, PissedConsumer) to highlight a reputational gap.expose_contradiction
74
Uses a 'before/after' comparison of Intuit's 10-K risk language to highlight the shift in competitive landscape.expose_contradiction
75
Uses a table-like structure to contrast past vs present management sentiment.expose_contradiction
76
The slide uses a combination of a bar chart, a small table for 2021 statistics, and a large summary table to demonstrate the variance between Intuit's reported expose_contradiction
77
Includes a table of unit/revenue analysis and two side-by-side bar charts from different years (2018 vs 2021) to demonstrate data drift.expose_contradiction
78
The slide uses a 'variance' analysis to highlight the gap between company-reported metrics and independent calculations.expose_contradiction
79
The table uses red shading to indicate missing data points, emphasizing the lack of transparency.expose_contradiction
80
Uses two tables to contrast derived Live metrics with disclosed ARPR data to build a case for weak pricing leverage.expose_contradiction
81
The slide uses a table to compare total consumer segment growth against growth excluding Live revenue, highlighting a deceleration in the latter.expose_contradiction
82
Includes a detailed table of financial metrics from FY2014 to FY2024 to support the thesis of margin inconsistency.expose_contradiction
83
Uses a table to track the evolution of expert network disclosure from 2018 to 2023.expose_contradiction
84
Uses red boxes and arrows to highlight specific claims in the CEO quote that the author disputes.expose_contradiction
85
The slide uses a 'villain critique' style by leveraging expert testimony to undermine the company's public narrative.expose_contradiction
87
The slide highlights Intuit's brands (Lacerte, ProSeries) in red boxes within the tables to emphasize their underperformance.compare_peers
88
Uses a dual-axis chart to show revenue growth vs. absolute revenue.expose_contradiction
90
Uses a combination of CEO quotes, data tables, and rhetorical questions to undermine company claims.expose_contradiction
91
Uses a direct quote from a Washington Post article to undermine the CEO's public statements.expose_contradiction
92
Uses a 'villain' framing by contrasting Intuit's claims of competitive advantage with potential legal risks regarding data usage.expose_contradiction
93
Uses a 'villain' framing by highlighting negative press and government investigations.expose_contradiction
94
Uses red text and arrows to connect specific FTC letter excerpts to the activist's argument.expose_contradiction
95
Uses quotes from earnings calls to highlight potential regulatory/privacy risks.expose_contradiction
96
The slide uses a 'villain' framing by highlighting repeated security failures to undermine trust in the company's core competency.expose_contradiction
97
This is a section divider slide from an activist investor deck by Spruce Point Capital Management.transition
98
The slide uses a table to deconstruct revenue segments and apply a 'Spruce Point View' on their recurring nature.expose_contradiction
99
The slide uses a table format to list specific accounting/reporting obfuscations.expose_contradiction
100
The slide uses a combination of tables and callouts to highlight the discrepancy between rising segment margins and contracting corporate margins following expeexpose_contradiction
101
The slide uses red boxes to highlight the inflection point in 2018 (TurboTax Live launch) and the subsequent trend in COGS SBC and margin erosion.expose_contradiction
102
Includes a direct quote from Intuit's FY 2024 10-K as supporting evidence.compare_peers
103
The slide uses red boxes to highlight specific areas of concern in the data table.expose_contradiction
104
Uses a combination of financial disclosure tables and qualitative argument to challenge management's accounting estimates.expose_contradiction
105
The slide uses SEC filings (10-K) as the primary source for peer benchmarking.expose_contradiction
106
The slide uses a 'Spruce Point Adjusted' methodology to argue that Intuit's reported earnings are inflated due to aggressive amortization assumptions.expose_contradiction
107
The slide uses a 'Spruce Point Adjusted' methodology to re-calculate CFO margins and CAGR.analyze_data
108
The slide uses a red arrow to visually isolate the CEO's tenure and a red box to highlight the WACC threshold.diagnose_problem
109
The slide uses red bars to highlight Intuit's position in specific metrics, emphasizing negative performance relative to peers.compare_peers
111
Uses a 'guilt by association' framing to undermine the credibility of a board member.name_villain
112
The slide uses a 'villain' framing to discredit a specific board member by linking his professional history at Oportun to negative outcomes and conflicts.name_villain
113
The slide uses a 'villain critique' approach by highlighting the lack of relevant financial experience for specific board members.introduce_nominees
114
This is a classic 'thesis' slide used in activist investor presentations to anchor the argument.summarize
115
The slide argues that Intuit's current valuation is unjustifiably high given the consensus for slowing revenue growth.analyze_data
116
The slide uses red shading to highlight performance gaps against long-term targets.expose_contradiction
117
The slide uses a combination of screenshots from financial terminals and a custom table to illustrate the accounting errors.expose_contradiction
118
The slide highlights a trend of insiders selling shares while active institutional investors reduce their positions in favor of passive funds.expose_contradiction
119
The slide uses a table to expose a contradiction between analyst sentiment (mostly Buy/Outperform) and the actual price target upside (9%).preempt_rebuttal
120
The slide uses a 'valuation story' framing to argue that regardless of how Intuit is categorized, it is overvalued compared to its peers.show_valuation_bridge
121
Uses a combination of qualitative arguments (left) and quantitative valuation bridge (right) to support a bearish thesis.quantify_opportunity
122
The slide uses S&P Capital IQ data to compare Intuit's valuation multiples against specific peers (TTGT, HUBS, Klaviyo) to justify a valuation discount.compare_peers
123
The slide uses a red box to highlight the EV/NTM Revenue column, emphasizing the valuation gap.compare_peers
124
The slide uses a bearish SOTP model to argue for a valuation de-rating.show_valuation_bridge
125
The slide uses a peer-based valuation methodology to argue for a share price correction.show_valuation_bridge