Intuit: Recurring Revenue Franchises, Strong Retention and Monetization

Dave Sather of Sather Financial Group presented his in-depth investment thesis on Intuit (US: INTU) at Wide-Moat Investing Summit 2022.

Thesis summary:

Intuit is a leading software company serving individuals as well as small- and mid-sized businesses via several strong franchises: Quickbooks and Mailchimp in the Small Business & Self-Employed Group; TurboTax and Mint in the Consumer Group; Credit Karma; and Pro-Connect.

Intuit has built a wide-moat business by exhibiting a laser focus on solving customer problems. For example, QuickBooks is an indispensable business and financial management platform for SMBs, covering accounting and bookkeeping, expense and inventory management, accounts payable and receivable, and payroll. QuickBooks enjoys dominant market share of 76% in U.S. small business software.

Other Intuit franchises are also strongly positioned due to their focus on solving customer problems. Additionally, major synergies exist between the various product families, especially in terms of  cross- and up-selling opportunities.

The company has a clean balance sheet, and GAAP accounting understates the earnings power of the business.

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About the instructor:

Dave Sather is a CFP and President of Sather Financial Group, a $1.3 billion firm managing individual accounts headquartered in Texas. Dave has degrees in business from Texas Lutheran University and Texas A&M University. Dave serves on the Board of Regents at Texas Lutheran University and chairs their Investment Committee. He developed and teaches the Bulldog Investment Company internship at Texas Lutheran University (www.BulldogInvestmentCo.com). This student managed investment fund has compounded at more than 16% per year over the last 13 years.

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