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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": "Uses a combination of qualitative transcript analysis and a quantitative estimation table to build the case for non-disclosure.",
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      "kind": "callout",
      "text": "Per our previous analysis, nearly all of Intuit's payments/payroll peers provide detailed disclosure of float revenue, and in many cases even more detailed supplemental disclosures.",
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      "text": "Intuit does not disclose float revenue, and we can only find two references to float revenue in Intuit conference calls over the years, in 2008 and 2024 (when the question was seemingly ignored). We note that nearly all payroll and payments competitors provide full disclosure of their float revenue. We estimate that float contributed $130 million of revenue in FY 2024. As this amount drops straight to the operating line, we estimate that float contributed 4% of FY 2024 GAAP operating income.",
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      "text": "Source: Bloomberg, Intuit SEC filings, Spruce Point Research",
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      "text": "Spruce Point Estimates of Intuit Float Revenue",
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      "text": "Float Revenue? Who, Us?",
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