{
  "docId": "019dd923-622c-750b-8b99-91010c0bd592",
  "docSlug": "937587dba6b9",
  "documentTitle": "Intuit Inc. (INTU)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-09-20 00:00:00",
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  "notes": "Uses callout boxes to annotate specific points in the timeline of financial reporting changes.",
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      "kind": "callout",
      "text": "Last quarter before change: growth slows dramatically.",
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      "kind": "callout",
      "text": "First full quarter after deal close.",
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      "text": "First full quarter after change: revenue growth collapses.",
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      "kind": "callout",
      "text": "We believe Intuit may have attempted to boost Credit Karma revenue just as operating results in that segment were rapidly deteriorating.",
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      "text": "Credit Karma Revenue: $424",
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      "kind": "paragraph",
      "text": "Intuit uses a strict definition of materiality and bases it off overall Company financial metrics. As a result, many things the Company does and/or fails to report are explained away as immaterial, and the transfer of Mint to Credit Karma is just one such example. Most shareholder-friendly and transparent companies would provide some sense of revenue scale to help the market understand the revenue contribution to Credit Karma, particularly given the extremely sudden and negative change in its operating results. Not Intuit.",
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      "kind": "paragraph",
      "text": "As with many of Intuit's financial reporting changes, we find the timing of the Company's decision to move Mint to its Credit Karma segment suspicious. We believe Intuit may have attempted to boost Credit Karma revenue just as operating results in that segment were rapidly deteriorating.",
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      "kind": "source-note",
      "text": "Source: Intuit SEC filings, Spruce Point Research",
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      "kind": "table",
      "text": "Credit Karma Quarterly Revenue table showing FQ3 21 to FQ4 23 revenue, QoQ growth, and YoY growth.",
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      "kind": "title",
      "text": "We Find The Timing Of Mint’s Transfer To Credit Karma Suspicious",
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      "name": "Cost Of Inaction",
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      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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