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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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      "text": "Projected revenue growth is the financial metric that most closely correlates with SaaS company valuation multiples. Based on the analysis above, we believe Intuit management’s long-term growth guidance has not been credible. Therefore, to the extent that any sell-side models simply parrot management’s growth guidance, we believe the foundation for Intuit’s premium valuation multiple is at risk.",
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      "text": "Our research has identified numerous headwinds that we believe will create revenue growth challenges for Intuit. Yet, Intuit continues to trade in-line with high-growth SaaS companies. We find this even more surprising given Intuit’s growth performance versus its recently stated long-term growth targets. For both the Consumer and Credit Karma segments, FY 2024 actual growth and FY 2025E projected growth fall materially below the long-term growth targets Intuit presented just a year ago at its 2023 analyst day. In fact, Credit Karma FY 2025E growth guidance even falls materially below the sharply reduced new range. Our takeaway from these figures is that Intuit’s long-term growth targets lack credibility and should be more closely scrutinized by investors.",
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      "text": "Based on the analysis above, we believe Intuit management’s long-term growth guidance has not been credible.",
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      "text": "Red shading denotes result or midpoint of guidance below long-term revenue growth target",
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      "text": "Source: Intuit 2023 investor day presentation, Intuit SEC filings, Intuit FQ4 2024 earnings release, Spruce Point Research",
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      "kind": "table",
      "text": "Segment | Long-Term Revenue Growth Guidance From 2023 Investor Day | FY2023 to FY2024 YoY Revenue Growth | Revised Long-Term Revenue Growth Guidance From FQ4 Earnings Call | FY2024 to FY2025 YoY Revenue Growth Guidance From FQ4 Earnings Release",
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      "text": "There Seems To Be A Disconnect Between Intuit’s Long-Term Growth Guidance And Its FY 2024 Results And FY 2025 Guidance",
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