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  "documentTitle": "Intuit Inc. (INTU)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-09-20 00:00:00",
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  "notes": "The slide argues that Intuit's current valuation is unjustifiably high given the consensus for slowing revenue growth.",
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      "kind": "callout",
      "text": "Intuit consensus estimates call for 12% revenue growth over the next two fiscal years, suggesting even the sell-side believes the boom from services adoption has run its course. However, our analysis will illustrate why we believe Intuit's valuation at 11x NTM revenue remains unjustifiably high, particularly given its current composition.",
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      "kind": "callout",
      "text": "Intuit consensus estimates call for 12% revenue growth over the next two fiscal years, suggesting even the sell-side believes the boom from services adoption has run its course.",
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      "text": "EV / Revenue: 11x",
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      "text": "Notes: (1) From cover of 10-K filed 9/4/24 (2) Includes 1.8m options with an average $449.66 exercise price and 10.9m RSUs (3) Includes $458 million of operating lease liabilities and $91 million of off-balance sheet operating lease liabilities from facilities not yet commenced. Estimates from S&P Capital IQ consensus as of 9/19/24; historical non-GAAP EBITDA equals GAAP EBITDA adjusted for SBC and professional fees",
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      "text": "Source: S&P Capital IQ, Spruce Point Research",
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      "text": "Intuit Valuation Overview Based on Wall Street Consensus",
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      "text": "Wall Street Consensus Calls For Flatlined Revenue Growth At Modest Levels",
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