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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 screenshots of court documents as primary evidence to contradict corporate disclosure.",
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      "kind": "callout",
      "text": "We believe it may be a negative sign when a creditor begins receiving more than 25 bankruptcy notices per month.",
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      "text": "In its FY 2024 10-K, Intuit disclosed that “the allowances for credit losses, amount of charge-offs recorded, and amount of recoveries on term loans to small businesses were not material.” While they may not be material in the context of the SEC’s definition and in relation to its total financial metrics, their scale relative to its specific lending activities should certainly be of interest to Intuit shareholders. Thus, we find it interesting that, in a recent Texas bankruptcy case, that Intuit was notified by the court that it should register as a “high-volume paper-notice recipient of bankruptcy notices under Federal Rule of Bankruptcy Procedure 9036.” Also in that case, the court records indicate that Intuit Financing received an order imposing sanctions by the court for its failure to appear or respond to the court’s notices. We believe this may indicate that Intuit’s lending business has been more focused on doling out funds than dealing with the aftermath.",
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      "kind": "quote",
      "text": "the allowances for credit losses, amount of charge-offs recorded, and amount of recoveries on term loans to small businesses were not material. — Intuit FY 2024 10-K",
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      "text": "Source: Intuit FY 2024 10-K, US Bankruptcy Court for the Southern District of Texas Houston Division Case No. 24-479, Spruce Point Research",
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      "text": "We Find Indications Of Customer Defaults And Questionable Loan Book Management",
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