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  "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": "The slide uses a bulleted list to systematically dismantle the company's reporting transparency and business quality.",
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      "text": "We believe these revenue streams in total (interest on term loans, float revenue, financial supplies, royalties, and revenue-sharing income) could total nearly $600 million over the next year. Simply valuing this revenue properly at 1x yields 3% downside for Intuit's stock price.",
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      "kind": "list",
      "text": "Critique of Intuit's lack of disclosure regarding SBSE segment metrics (ARR, CAC, retention). Concerns over consolidation of Mailchimp revenue to mask underlying issues. Allegations of decelerating payments growth and risks associated with BaaS provider Green Dot. Questioning the quality and valuation of non-core revenue streams like lending, float, and financial supplies.",
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      "kind": "title",
      "text": "SBSE A Black Box; Services Growth Has Played Out, And Non-Core Revenue Streams Are Of Little Value",
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