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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 'Which is it?' callout to highlight the contradiction between the 2007 prospectus and the 2012 CEO statement.",
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      "text": "Figure 1. Trends in noncash payments, by number, 2000-18",
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      "text": "Not surprisingly, Intuit does not disclose to investors how much of its revenue comes from the sale of \"financial supplies\", as this would surely not be valued as highly as software revenue. Despite former CEO Brad Smith's statement that such revenue was \"highly predictable\", we find that the use of paper checks has been in long-term decline.",
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      "text": "\"The growth of electronic banking and other electronic payment systems is decreasing the demand for checks and consequently causing pricing pressure for our financial supplies business as competitors aggressively compete for share of this shrinking market.\" — Intuit Prospectus Supplement Filed 3/9/07. \"When you combine revenue from Connected Services with other highly predictable sales such as financial supplies and tax desktop software, more than 80% of Intuit's revenue is recurring.\" — Brad Smith, Intuit CEO, on Q4 2012 Earnings Call",
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      "kind": "source-note",
      "text": "Source: Intuit 424B5 filed 3/9/07, Intuit Q4 2012 earnings call transcript, 2019 Federal Reserve Payments Study, Spruce Point Research",
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      "text": "Intuit Prospectus Supplement Filed 3/9/07: \"The growth of electronic banking... is decreasing the demand for checks...\" Brad Smith, Intuit CEO, on Q4 2012 Earnings Call: \"...other highly predictable sales such as financial supplies... is recurring.\"",
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      "kind": "title",
      "text": "Let's Not Forget That An Undisclosed Portion Of QuickBooks' Revenue Comes From \"Financial Supplies\"",
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