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  "documentTitle": "Intuit Inc. (INTU)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "presentationDate": "2024-09-20 00:00:00",
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  "notes": "The slide uses a table to compare total consumer segment growth against growth excluding Live revenue, highlighting a deceleration in the latter.",
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      "text": "The other key observations from our derivation of estimated Live metrics are that (1) Consumer segment revenue grew faster before the launch of Live (FY 2016-2018) than it has over the past three years (FY 2022-2024), suggesting Live’s massive revenue growth may just be fueled by cannibalization of non-Live revenue, and (2) Consumer segment revenue growth ex-Live is very modest, we believe calling into question the sustainability of the franchise.",
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      "text": "The other key observations from our derivation of estimated Live metrics are that (1) Consumer segment revenue grew faster before the launch of Live (FY 2016-2018) than it has over the past three years (FY 2022-2024), suggesting Live's massive revenue growth may just be fueled by cannibalization of non-Live revenue, and (2) Consumer segment revenue growth ex-Live is very modest, we believe calling into question the sustainability of the franchise.",
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      "text": "YoY Growth: 63%",
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      "text": "(1) Based on FYE figures in FQ4 earnings release, including Canada and excluding the Free File Alliance (2) 2024 based on a (1%) decline per FQ4 2024 earnings release (3) Based on Spruce Point analysis discussed previously",
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      "text": "Source: Intuit earnings call transcripts, earnings press releases, and investor day presentations, and Spruce Point Research",
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      "text": "Consumer Segment Revenue, YoY Growth, Total TurboTax Units, Estimated TurboTax Live Revenue, Consumer Segment Revenue Less Live, Percent of YoY Growth Attributable to Live",
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      "kind": "title",
      "text": "Consumer Segment Growth Trends Have Worsened Despite Live’s Seeming Great Success",
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      "kind": "title",
      "text": "We Believe TurboTax Live May Simply Be Cannibalizing Non-Live Customers",
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