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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": "Includes a detailed table of financial metrics from FY2014 to FY2024 to support the thesis of margin inconsistency.",
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      "text": "Given the trend toward expensive, human-intensive service delivery, we question whether Intuit's Consumer segment should be valued more like a company such as TaskUs, which trades at just 1x NTM revenue.",
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      "text": "Given the trend toward expensive, human-intensive service delivery, we question whether Intuit’s Consumer segment should be valued more like a company such as TaskUs, which trades at just 1x NTM revenue.",
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      "text": "TurboTax Live provides customers with access to a real accountant... we would expect that as Live returns increase... Consumer segment expenses would increase and margins decrease. However... margins have increased.",
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      "text": "Source: Intuit SEC filings, Intuit 2023 Investor Presentation, Intuit FQ3 2024 earnings call transcript, Spruce Point Research",
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      "text": "Spruce Point Derivation of TurboTax Live Metrics Based on Company Disclosures",
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