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  "documentTitle": "Intuit Inc. (INTU)",
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  "notes": "The slide uses a combination of qualitative narrative (Shopify's statement) and quantitative data (revenue growth comparison) to build a case against Mailchimp's competitive position.",
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      "text": "Klaviyo's 3-5x higher revenue growth rate implies massive share gain, potentially at Mailchimp's expense.",
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      "text": "What makes Intuit paying a massive premium for Mailchimp even more questionable is that the Company had broken with long-time partner Shopify in 2019...",
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      "text": "Effective [March 22nd], the Mailchimp app is no longer available in the Shopify App Store. There are no immediate changes for merchants currently using Mailchimp...",
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      "text": "(1) Spruce Point estimates based on the following... (2) Based on calendar quarters... Source: AUM, Forbes, Klaviyo IPO Prospectus, Klaviyo SEC filings since IPO, Spruce Point Research",
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      "text": "Mailchimp's Growth Has Underperformed Email Marketing Automation Peers",
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