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  "documentTitle": "Intuit Inc. (INTU)",
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  "notes": "The table has a large red X over the Q1 FY18 column, likely indicating a change in reporting or a point of contention.",
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      "text": "Intuit Ceased QuickBooks Subscriber Disclosures When the Business Showed Signs of Slowing Growth",
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      "text": "Intuit trades at a premium SaaS multiple, yet the Company provides investors none of the typical SaaS business and financial metrics used to analyze such companies.",
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      "text": "We argue that a surprisingly small portion of SBSE revenue is true “SaaS” revenue, and we believe Intuit helps us makes our case. In 2019, Intuit ceased detailed quarterly disclosure of QuickBooks subscribers, opting instead to provide rounded (and thus inexact) annual figures.",
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      "text": "Intuit trades at a premium SaaS multiple, yet the Company provides investors none of the typical SaaS business and financial metrics used to analyze such companies. Intuit fails to provide investors timely and quarterly metrics for subscriber or customer counts, retention or churn rates, bookings/billings, annual recurring revenue (ARR), or customer acquisition costs. We judge Intuit to be arguably the least transparent software company in the public markets.",
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      "text": "And customer growth slowed years ago. That's why they stopped reporting customer unit numbers in QuickBooks. It's all about revenue. It's all about revenue because you can't acquire small businesses fast enough to grow at the rate they used to on a business basis.",
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      "text": "And customer growth slowed years ago. That's why they stopped reporting customer unit numbers in QuickBooks. It's all about revenue. It's all about revenue because you can't acquire small businesses fast enough to grow at the rate they used to on a business basis. — Former VP at Intuit, Tegus, 9/8/23",
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      "text": "Source: Tegus, Intuit FQ4 2019 Fact Sheet, Spruce Point Research",
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      "text": "WORLDWIDE BUSINESS METRICS table showing subscriber counts from Q1 FY17 to FY19",
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