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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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      "kind": "callout",
      "text": "Intuit Suggests Live Isn't the Savior For TurboTax",
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      "text": "Seriously? Intuit’s all-important assisted offering, Live, isn’t even targeting the segment of the tax market that is growing?",
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      "text": "Did TurboTax Live just miss revenue guidance provided in late May? In its FQ4 earnings release, Intuit disclosed that Live revenue was approximately 30% of Consumer segment revenue, which would be $1.334 billion",
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      "text": "Seriously? Intuit's all-important assisted offering, Live, isn't even targeting the segment of the tax market that is growing?",
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      "text": "This doesn't make any sense. Live's revenue and customer growth rate has declined materially as the business has gained scale.",
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      "kind": "list",
      "text": "Intuit didn't start taking share in assisted until it reached $1.4 billion in revenue? This would potentially confirm our thesis...",
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      "kind": "paragraph",
      "text": "In the end, we believe the TurboTax franchise is just treading water. With market share having reached practical limits, we believe incremental Live offering revenue is just replacing churned customers elsewhere...",
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      "kind": "quote",
      "text": "…it's important context in that we're really bullish in terms of what we saw with TurboTax Live going after the assisted segment because now you have a $1.4 billion business growing at 17%...",
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      "kind": "quote",
      "text": "“...it's important context in that we're really bullish in terms of what we saw with TurboTax Live going after the assisted segment because now you have a $1.4 billion business growing at 17%. And with that being 30% of the total TurboTax franchise, when we flip that over to, now it becomes 50%, 60% of the franchise, it really accelerates the growth of the entire TurboTax franchise. And what we demonstrated this year, I would almost say for the first time is, we moved the needle of taking share in assisted.” — Intuit CEO Sasan Goodarzi, FQ3 2024 Earnings Call",
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      "kind": "source-note",
      "text": "Source: Intuit FQ3 2024 earnings call transcript, Intuit FQ4 2024 earnings press release, Spruce Point Research",
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      "text": "We Believe TurboTax Is Really Just Treading Water",
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