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  "documentTitle": "Intuit Inc. (INTU)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2024-09-20 00:00:00",
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  "notes": "The slide uses a 'Spruce Point Adjusted' methodology to re-calculate CFO margins and CAGR.",
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      "text": "As a result, Intuit’s final adjusted CFO CAGR from FY 2015 to FY 2024 declines from 14% to just 6%.",
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      "text": "We believe it is appropriate to make at least two adjustments to Intuit's cash flow from operations: deducting net loan originations... and payments for employee taxes withheld for incentive compensation. ... we subtract the portion of share repurchases required to offset share issuance for compensation each year...",
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      "text": "Source: Intuit SEC filings, Spruce Point Research",
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      "text": "Spruce Point's Adjustments To Intuit's Cash Flow Yield Materially Lower Results",
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