{ "docId": "019dd923-622c-750b-8b99-91010c0bd592", "docSlug": "937587dba6b9", "documentTitle": "Intuit Inc. (INTU)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-09-20 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 67, "pageCount": 125, "prevPage": 66, "nextPage": 68, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "dense", "nDataPoints": 1, "notes": "The slide uses a direct quote from a government official to frame the company's ongoing behavior as a persistent risk.", "elementsJson": [ "headline_text", "callout_box", "paragraph", "quote_block" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b99-91010c0bd592/67", "deckHref": "/decks/019dd923-622c-750b-8b99-91010c0bd592", "deckJsonHref": "/decks/019dd923-622c-750b-8b99-91010c0bd592.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-91010c0bd592#slide-67", "components": [ { "bbox": { "h": 0.055, "w": 0.976, "x": 0.012, "y": 0.877 }, "kind": "callout", "text": "We believe Intuit's alleged bad behavior creates both enhanced regulatory risk and threatens to further reduce customer retention rates.", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9ef467d2-c2b5-454c-8066-1cf9bb78dbec", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.105, "w": 0.978, "x": 0.022, "y": 0.174 }, "kind": "paragraph", "text": "Despite numerous allegations of deceptive practices by the FTC, 50 state AGs, and Congress over just the past few years, Intuit's consumer-unfriendly practices seem to continue based on a recent Congressional investigation. Senator Warren wrote FTC Chair Khan a letter on 4/15/24 noting Intuit's “relentless” upselling, junk fees, and diversion of consumers away from eligible free offerings. We question whether engaging in the alleged behavior is a sustainable strategy for the Company.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "30b5e629-e77e-4ca9-b9a8-adb509a1dced", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.45, "w": 0.71, "x": 0.145, "y": 0.392 }, "kind": "quote", "text": "Dear Chair Khan: I am writing in support of the Federal Trade Commission's (FTC's) oversight of Intuit, Inc. (Intuit), the maker of the popular TurboTax tax filing software. The company deserves this scrutiny: it has, for years, abusively and unfairly piled junk fees onto users of its allegedly “free” products. Despite lawsuits and settlements stemming from Intuit's deceptive “free” advertising practices, the company continues to relentlessly upsell TurboTax users. Analysis by my staff conducted as part of a review of TurboTax's current website found that a sample taxpayer with a simple filing situation who would qualify for the IRS free Direct File tool would instead pay $133 for federal and state filing on TurboTax – and get upsold or solicited for additional costly services eight more times in the process. The TurboTax website attempts to divert taxpayers away from free filing options early in the process – and continues to do so throughout their federal and state tax filings. Given these ongoing concerns, I support the FTC's work and urge you to continue to take action to protect taxpayers from tax preparation companies that pile junk fees onto taxpayers.", "attrs": null, "subkind": "pull-quote", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "2c29557b-715b-4bcf-a382-305b9c6c12c0", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.015, "w": 0.46, "x": 0.012, "y": 0.966 }, "kind": "source-note", "text": "Source: Senator Warren letter to FTC Chair Khan dated 4/15/24, Spruce Point Research", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "7fe84748-03bd-48d1-aa1c-a1e9f85715c5", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.055, "w": 0.675, "x": 0.308, "y": 0.025 }, "kind": "title", "text": "Intuit Doesn't Seem To Be Changing Its Ways", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a0599235-670b-4b4c-87da-a9400f8bdf87", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.035, "w": 0.976, "x": 0.012, "y": 0.309 }, "kind": "title", "text": "Allegations of Intuit's Questionable Practices Continued This Tax Season", "attrs": null, "subkind": "subtitle", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "2921905b-f463-4912-9a7d-eade9568af18", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "ceo-quote-contradiction", "slug": null, "matchId": "6b1f060a-261a-47c5-95f5-6e0fd1628d13", "evidence": "Uses a government official's letter to contradict the company's implied stance of compliance.", "confidence": 0.85 } ], "arcBeats": [], "loops": [ { "to": 70, "from": 60, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "matchId": "3a181ada-8a80-4196-99c4-dd9d00ad32fd", "evidence": "The authors present a series of concerns related to Intuit's business practices, highlighting potential risks and negative consequences.", "position": 2, "objective": "to highlight the potential consequences of Intuit's alleged malfeasance", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "confidence": 0.7, "description": "Quantify what happens if the audience does nothing" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }