{
  "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": 85,
  "pageCount": 125,
  "prevPage": 84,
  "nextPage": 86,
  "slideType": "testimonial",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "The slide uses a 'villain critique' style by leveraging expert testimony to undermine the company's public narrative.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "comparison_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-91010c0bd592/85",
  "deckHref": "/decks/019dd923-622c-750b-8b99-91010c0bd592",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-91010c0bd592.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-91010c0bd592#slide-85",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Former Intuit employees with knowledge of the TurboTax business corroborated our concerns, noting that (1) the state AG settlement damaged the brand and was a bad look for the Company, (2) growth expectations for TurboTax are too optimistic, (3) the costs to deliver human-intensive Live offerings are significant and increasing, and (4) TurboTax revenue really isn't subscription based.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-1ac4-74a6-be3c-eddebe4b2cac",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.96,
        "x": 0.02,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "Former Intuit employees with knowledge of the TurboTax business corroborated our concerns, noting that (1) the state AG settlement damaged the brand and was a bad look for the Company, (2) growth expectations for TurboTax are too optimistic, (3) the costs to deliver human-intensive Live offerings are significant and increasing, and (4) TurboTax revenue really isn't subscription based.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "40c886d0-9aff-45c0-9a66-d54a16f92267",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "\"I think the $141 million judgment from the New York AG against TurboTax, although probably not widely in most consumers' awareness. I think regulators view TurboTax as sort of a very questionable organization, not consumer-friendly, predatory...And so that wasn't always the case. And so there was always friction between the IRS and TurboTax. But now I think there's certainly amongst Democratic lawmakers. TurboTax is sort of persona non grata and like, hey, you're taking advantage of low-income people. You're sort of like a payday loan kind of place.\" — Former VP at Intuit, Tegus, 8/24/23",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-1ac4-74a6-be3c-f2d7526fe315",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.2,
        "x": 0.02,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "Source: Tegus, Spruce Point Research",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "72a639c9-7f07-4bd9-acf4-4605cc902f49",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.62,
        "w": 0.96,
        "x": 0.02,
        "y": 0.31
      },
      "kind": "table",
      "text": "Comparison of former employee roles and their specific critiques of TurboTax business model and reputation.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f00a3b92-0424-4fca-9c6d-782265c05c22",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.6,
        "x": 0.305,
        "y": 0.03
      },
      "kind": "title",
      "text": "Some Former Employees Share Our Views On TurboTax's Prospects",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9830e60e-3079-4fe4-abb4-c888c99f4cf4",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "authority-citation",
      "slug": null,
      "matchId": "4837fb25-4f9e-40dd-8899-2667f2ed82eb",
      "evidence": "Uses expert testimony from former employees to validate investment thesis.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}