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  "documentTitle": "Intuit Inc. (INTU)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "presentationDate": "2024-09-20 00:00:00",
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      "text": "We find it concerning that accounts receivable has grown over 4x since 2018/2019, while the allowance for doubtful accounts has barely changed and remains far below past levels as a percent of gross A/R.",
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      "text": "Allowance / AR, Gross: 1.1%",
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      "text": "We find it counterintuitive that Intuit's capital expenditures have declined materially as a percent of revenue during a period when the Company is supposedly investing to capture the potential benefits of AI and building out its Live delivery platform. In addition, we have no good explanation for a dramatic decrease in the allowance for doubtful accounts from consistently over 30% of gross accounts receivable to just 1% in FY 2024. Although the large increases in accounts receivable can be explained by the Credit Karma and Mailchimp transactions, we don't see any logical reason why at least Mailchimp wouldn't require a similar level of allowances given the similarity of its customer base to pre-deal Intuit (ie, SMBs).",
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      "text": "Source: Intuit SEC filings, Spruce Point Research",
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      "text": "Financial table showing Revenue, CapEx, Depreciation, and AR metrics from FY2015 to FY2024.",
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      "text": "We Are Troubled By Several Metrics Departing From Historical Norms",
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