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  "documentTitle": "Intuit Inc. (INTU)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "presentationDate": "2024-09-20 00:00:00",
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  "notes": "Includes a red box highlight on the chart to emphasize the recent upward trend in delinquency rates.",
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      "text": "Intuit does not disclose to investors any information regarding its loan loss allowances or historical loan write-offs.",
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      "text": "Small Business Delinquency Rates Began Rising in Late 2022 (Equifax Small Business Default Index)",
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      "kind": "list",
      "text": "Small Business Lending Demand Continues to Decline (two entries)",
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      "text": "Intuit does not disclose to investors any information regarding its loan loss allowances or historical loan write-offs. However, we do know that: (1) Intuit has largely operated in one of the most benign consumer credit environments on record, meaning default rate estimates borne of this period may be highly optimistic, (2) Intuit seems to have stepped up its activity as experienced lenders were ratcheting back, and (3) there are indications small business credit performance is worsening.",
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      "text": "Source: LendingTree, Kansas City Fed Small Business Lending Survey, Equifax (via PayNet), Spruce Point Research",
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      "text": "BLS Data Highlights Small Business Risks: Time Frame vs Business Failure Rate",
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      "text": "We Believe The Risks Related To Intuit’s Small Business Lending Activities Are Underappreciated",
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