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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 slide uses a table to deconstruct revenue segments and apply a 'Spruce Point View' on their recurring nature.",
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      "text": "Does Intuit deserve a premium SaaS multiple? As much as two-thirds of revenue is either episodic, usage-based, remnants of license, or from end-of-life product. And while a portion of Intuit's payroll revenue is volume based, we believe take rates in that market will be a race to the bottom.",
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      "text": "We believe it is no coincidence that Intuit uses the term \"recurring\" to describe its revenue on quarterly earnings calls but does not (as far as we can tell) use the term in its SEC filings. As we have argued, material portions of its SBSE revenue, all of its Credit Karma revenue, and arguably all of its TurboTax revenue are not truly \"recurring\" revenue. Yet, Intuit is ascribed a premium revenue multiple to other true subscription-based software companies.",
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      "text": "Source: Intuit SEC filings, Spruce Point Research",
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      "text": "Spruce Point Review of Intuit Revenue Streams table",
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      "text": "How Much Of Intuit's Revenue Is Really Recurring?",
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