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  "documentTitle": "Intuit Inc. (INTU)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2024-09-20 00:00:00",
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  "notes": "The table uses red shading to indicate missing data points, emphasizing the lack of transparency.",
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      "text": "We believe there are two potential reasons why: (1) doing so shines a brighter light on the poor results of the non-Live offerings, and (2) Live results contain concerning data points that could potentially disappoint investors.",
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      "text": "Intuit Reminds Investors It Intentionally Limits Disclosures; More Information is Often Promised But Rarely Delivered",
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      "text": "Intuit's TurboTax Live is a premium offering that provides filers the option of engaging expert human assistance with their return. The TurboTax Live revenue has grown from zero to over $1.3 billion over seven years, which is impressive. However, we find it curious that Intuit management has essentially refused to provide much disclosure around such an important contributor to Consumer Segment results. We believe there are two potential reasons why: (1) doing so shines a brighter light on the poor results of the non-Live offerings, and (2) Live results contain concerning data points that could potentially disappoint investors.",
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      "kind": "quote",
      "text": "In terms of TurboTax Live, we intentionally do not report the actual numbers in TurboTax Live other than just our growth rate.",
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      "kind": "quote",
      "text": "...we'll look forward to sharing more at Investor Day.",
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      "kind": "quote",
      "text": "So, let me start first with we are going to breakout a lot more detail on TurboTax Live when we get into the fall at Investor Day.",
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      "text": "In terms of TurboTax Live, we intentionally do not report the actual numbers in TurboTax Live other than just our growth rate. — Intuit CEO Goodarzi, FQ3 2021 Earnings Call",
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      "kind": "source-note",
      "text": "Source: Intuit earnings call transcripts, earnings press releases, and investor day presentations, Intuit FQ3 2018 earnings call transcript, Intuit FQ3 2021 earnings call transcript, Spruce Point Research",
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      "text": "Intuit Historical Disclosure Regarding TurboTax Live (Red Shading Denotes Missing Disclosure)",
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      "text": "We Believe Intuit Could Be Cherry-Picking When It Comes To Its Financial Disclosures Regarding TurboTax Live",
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