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  "documentTitle": "Intuit Inc. (INTU)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-09-20 00:00:00",
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  "density": "dense",
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  "notes": "Uses a 'red X' overlay on a 2018 slide to visually demonstrate failure.",
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  "slideHref": "/slides/019dd923-622c-750b-8b99-91010c0bd592/35",
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      "kind": "callout",
      "text": "FY 2022-24 CAGR of 1%.",
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      "kind": "callout",
      "text": "In fact, we show that, after adjusting for Mailchimp's estimated international revenue, Intuit's international revenue has grown at just a 1% CAGR since FY 2022.",
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      "text": "2018 Investor Day slide with red X overlays",
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      "kind": "metric",
      "text": "International Revenue CAGR: 1%",
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      "toolName": "Quantification",
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      "kind": "paragraph",
      "text": "In its 2018 investor day presentation, Intuit hyped its prospects in Brazil, France, and India. As former employees noted on the previous page, Intuit has effectively exited all three markets since then.",
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      "kind": "source-note",
      "text": "Source: Intuit 2018 investor day presentation, Intuit SEC filings, Spruce Point Research",
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      "text": "Intuit International Revenue Analysis Less Mailchimp",
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      "kind": "title",
      "text": "Intuit's Poor Track Record Internationally Speaks For Itself",
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      "name": "ceo-quote-contradiction",
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      "matchId": "a81677f3-8264-4604-bc05-772e50b25163",
      "evidence": "Contrasts 2018 hype with current reality of market exits.",
      "confidence": 0.9
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      "from": 30,
      "name": "Iceberg",
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      "evidence": "The authors present a detailed critique of Intuit's lending activities, highlighting potential risks and concerns.",
      "position": 1,
      "objective": "to expose the risks related to Intuit's small business lending activities",
      "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause",
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      "description": "Reveal that the visible problem is merely a symptom of a deeper root cause"
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