{
  "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": 76,
  "pageCount": 125,
  "prevPage": 75,
  "nextPage": 77,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 60,
  "notes": "The slide uses a combination of a bar chart, a small table for 2021 statistics, and a large summary table to demonstrate the variance between Intuit's reported figures and actual IRS data.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "bar_chart_stacked",
    "callout_box",
    "data_table"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-91010c0bd592/76",
  "deckHref": "/decks/019dd923-622c-750b-8b99-91010c0bd592",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-91010c0bd592.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-91010c0bd592#slide-76",
  "components": [
    {
      "bbox": {
        "h": 0.22,
        "w": 0.46,
        "x": 0.52,
        "y": 0.33
      },
      "kind": "callout",
      "text": "The IRS (below) discloses filings at pre-determined time periods throughout the tax season and provides a final figure near the calendar year end. Intuit (left) footnotes suggest the most recent two FY IRS returns may be estimated based on internal projections. However, Intuit does NOT update the chart with IRS actual figures or disclose a different “as of” date.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d21dea49-33d9-45be-beb5-13eff43cd309",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Intuit does NOT update the chart with IRS actual figures or disclose a different \"as of\" date.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-1ac4-74a6-be3a-93eeb66db7b5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.32,
        "w": 0.45,
        "x": 0.02,
        "y": 0.33
      },
      "kind": "chart",
      "text": "10-YEAR US TAX INDUSTRY TRENDS",
      "attrs": null,
      "subkind": "bar-stacked",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d3275a03-4a6e-4cf5-9cd4-8d7579ba40f0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "IRS filing variance: 12%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-1ac4-74a6-be3a-958e8366d69f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.96,
        "x": 0.02,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "Intuit has included a version of the chart below in their last six investor day presentations. We cannot reconcile either the total IRS or TurboTax filings. While we acknowledge there is a timing issue (Intuit's July fiscal year end falls before the IRS' final tally of filers toward the calendar year end), that seemingly does not explain the difference, and an “as of” date is not disclosed by Intuit.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5d0175b6-276e-4650-b4ad-7015b5c8b17e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.46,
        "x": 0.02,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: Intuit 2023 investor day presentation, IRS tax filing data, Spruce Point Research",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "474d34f6-df0e-4c6a-8a3f-47bd6f1507e9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.46,
        "x": 0.52,
        "y": 0.57
      },
      "kind": "table",
      "text": "2021 FILING SEASON STATISTICS",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0a4acb5e-5063-4bde-8c9a-a1a8e214258f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.21,
        "w": 0.96,
        "x": 0.02,
        "y": 0.72
      },
      "kind": "table",
      "text": "Intuit IRS Filing Figures vs IRS Actuals (at FY End and CY End)",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bcd818ce-a184-4b39-9471-20f42629cfef",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.55,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "We Have Trouble Making Sense Of Intuit's TurboTax Disclosures",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "814fa089-a18b-4afa-9e0e-59500ce2bb8a",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "b492b86c-3686-46e6-a0a3-ba47fdd8dc46",
      "evidence": "The slide explicitly highlights discrepancies and lack of transparency in financial disclosures to suggest potential misrepresentation.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}