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  "documentTitle": "Intuit Inc. (INTU)",
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  "notes": "The slide uses a chronological sequence of quotes to highlight management's shifting narrative.",
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      "text": "Mint Was Highly Strategic...Until It Wasn't",
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      "text": "Intuit acquired personal financial management site Mint for $170 million in 2009. Despite making little investment in the product, Intuit management talked up its potential for years. At its 2021 Investor Day, Intuit said Mint had 29 million registered users and 3.6 million MAU, which provided insight into 190 million weekly transactions. In August 2022, Intuit announced it would transfer the Mint business from its Consumer Group into Credit Karma. As recently as March 2023, CEO Goodarzi spoke of how Mint would provide access to prime-rated customers to help Credit Karma achieve its revenue growth targets. Yet, eight months later in October 2023, Intuit announced it would shut down the Mint product and attempt to transfer Mint users to Credit Karma.",
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      "text": "“...Mint is an amazing application... Mint has a chance for you to take a snapshot and understand where you are financially with all your accounts at one point. And within that, what we see is high levels of engagement, weekly active use and people rely on Mint to see all their accounts in one place.” — Greg Johnson, Intuit Executive VP & GM of Consumer Group, at Barclays Conference, 6/4/19; “No, no. They will be -- ultimately, they will be separate. They will not be combined into one app only because I think our focus is, we have a huge opportunity to ensure that we can fuel Credit Karma's growth, and we don't want to have any distractions other than ensuring that they can deliver for customers so they will be separate apps.” — Sasan Goodarzi, Intuit CEO, on FQ2 2020 Earnings Call; “And then last thing is prime. Prime customers are one of the largest monthly active users, and they're the least engaged because our typical focus in the past has been subprime and near prime. And now by putting Mint and Credit Karma together, we're building out prime capabilities. So those are priorities that gives us a lot of hope over time, we're going to get back to our 20% to 25% long-term expectation you said.” — Sasan Goodarzi, Intuit CEO, at Morgan Stanley Technology Conference, 3/7/23",
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      "text": "Source: Bloomberg, Intuit FQ2 2020 earnings call transcript, Spruce Point Research",
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      "text": "Comparison of three quotes from 2019, 2020, and 2023 regarding Mint's strategic role.",
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      "text": "Intuit Framing of Mint Since 2019",
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