{
  "docId": "019dd923-622c-750b-8b99-91010c0bd592",
  "docSlug": "937587dba6b9",
  "documentTitle": "Intuit Inc. (INTU)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-09-20 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 25,
  "pageCount": 125,
  "prevPage": 24,
  "nextPage": 26,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 3,
  "notes": "Uses a dual-axis chart (bar for lending, line for growth) with numbered callouts to annotate specific periods of decline and strategic shifts.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "callout_box",
    "line_chart",
    "bar_chart_vertical",
    "bullet_list"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-91010c0bd592/25",
  "deckHref": "/decks/019dd923-622c-750b-8b99-91010c0bd592",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-91010c0bd592.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-91010c0bd592#slide-25",
  "components": [
    {
      "bbox": {
        "h": 0.2,
        "w": 0.38,
        "x": 0.6,
        "y": 0.75
      },
      "kind": "callout",
      "text": "On its FQ4 earnings call, Intuit management revealed that $50 million of Desktop revenue was pulled into FQ1-FQ3 and $60 million was pulled into FQ4. Thus, total QuickBooks software YoY revenue growth was between 166 to 563 basis points lower than reported.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "45e89493-f987-4bd6-a7fd-9af111ea0aa9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "On its FQ4 earnings call, Intuit management revealed that $50 million of Desktop revenue was pulled into FQ1-FQ3 and $60 million was pulled into FQ4, both from FQ1 2025. Thus, total QuickBooks software YoY revenue growth was between 166 to 563 basis points lower than reported (assuming equal allocation of the revenue to FQ1-FQ3).",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-1ac4-74a6-be36-0c0466de0447",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.55,
        "x": 0.05,
        "y": 0.38
      },
      "kind": "chart",
      "text": "Small Business Term Loans ($B) vs QB Online + Desktop Revenue YoY Growth",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1c410377-3115-4fd2-a99a-ef5bb1bee628",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.38,
        "x": 0.6,
        "y": 0.38
      },
      "kind": "list",
      "text": "(1) QuickBooks YoY revenue growth declined from 29% to 14% from FQ2 2020 to FQ2 2021. (2) Faced with slowing growth, Intuit dramatically ramps its lending activities and acquires Mailchimp. (3) Despite a $12 billion acquisition, growth continued its decline.",
      "attrs": null,
      "subkind": "numbered",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "06251b4e-7ae6-40bc-ba58-7a6bbd1c8b64",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "YoY revenue growth: 14%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-1ac4-74a6-be36-1056f9dd81ba",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.18
      },
      "kind": "paragraph",
      "text": "Faced with a stagnant core software franchise, Intuit spent $12 billion to acquire Mailchimp and began aggressively expanding its small business lending activities, an activity we argue is far outside the Company’s core competencies and investor expectations.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2f89477b-7d78-423a-9882-50b2e3b4f5c0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.5,
        "x": 0.05,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "Source: Intuit SEC filings, Intuit Q4 2024 earnings call transcript, Spruce Point Research",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "120f9a42-4007-479b-9a6c-e82ce7d221b0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.9,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "The Timing Of Increased Lending Activity, As Well As The Mailchimp Deal, Are Suspicious, And Neither Has Halted QuickBooks' Declining Revenue Growth Rate",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3767f7b1-2947-4d59-a86d-5b096d9eb74d",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "10dbebec-c36a-4504-a994-5688843ab2db",
      "evidence": "The slide explicitly calls out suspicious timing and revenue manipulation (pulling revenue forward) to mislead investors.",
      "confidence": 0.95
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}