{
  "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": 99,
  "pageCount": 125,
  "prevPage": 98,
  "nextPage": 100,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 2,
  "notes": "The slide uses a table format to list specific accounting/reporting obfuscations.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "callout_box",
    "comparison_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-91010c0bd592/99",
  "deckHref": "/decks/019dd923-622c-750b-8b99-91010c0bd592",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-91010c0bd592.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-91010c0bd592#slide-99",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We believe such actions result in reduced transparency and may foreshadow future challenges.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-1ac4-74a6-be3c-38666f400c36",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.11,
        "w": 0.96,
        "x": 0.02,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "We have already expressed concern about Intuit's deficient reporting practices and their increasingly opaque financials, particularly related to its core SBSE segment. We also believe Intuit has made a number of questionable decisions related to its segment reporting over the past several years that have reduced transparency and comparability to prior periods. We believe such actions result in reduced transparency and may foreshadow future challenges.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "88ab6d1f-c271-4c2b-965b-02c1ddbd4515",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "“Segment operating income for Credit Karma includes all direct expenses, which is different from our other reportable segments where we do not allocate all corporate expenses.” — FY2023 10-K",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-1ac4-74a6-be3c-3cf425f9c163",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.25,
        "x": 0.02,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "Source: Intuit SEC filings, Spruce Point Research",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4b5b3760-f807-43b8-9b3e-52386119e9b6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.58,
        "w": 0.96,
        "x": 0.02,
        "y": 0.35
      },
      "kind": "table",
      "text": "Consolidation of Mailchimp With QuickBooks; Transfer of Mint From Consumer to Credit Karma Segment; Multiple Segment Operating Expense Reclassifications; Different Expense Reporting Practices For Credit Karma; Product or Service?",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "84c57214-17ec-450b-9afa-951a35227072",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.65,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "Intuit Has Engaged In Segment Reporting Shuffling In Recent Years",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7c75fac6-d6fc-441c-a972-1e9f3ccc3f71",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "0cf7c39f-e327-41d4-93ee-689c2cef7785",
      "evidence": "The slide systematically lists accounting practices intended to obfuscate financial performance.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}