This is Zack Fuss, an investor at Irenic Capital, and today we are breaking down Intuit. Started by a former Procter & Gamble employee in 1983, Intuit has grown into the premier platform for consumers and small businesses to manage their finances and pay taxes. Along the way, it has fought off significant competition from the likes of Microsoft and others, and delivered handsome returns for its shareholders. In recent years, it has spent over $10 billion adding Credit Karma and Mailchimp to its platform of services. To break down this $100 billion market cap business, I’m joined by John Feeley, Deputy CIO and Portfolio Manager at Findlay Park. Please enjoy this Business Breakdown of Intuit.   For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.   -----   This episode is brought to you by Tegus. Tegus streamlines the investment research process so you can get up to speed and find answers to critical questions on companies faster and more efficiently. The Tegus platform surfaces the hard-to-get qualitative insights, gives instant access to critical public financial data through BamSEC, and helps you set up customized expert calls. It’s all done on a single, modern Saas platform that offers 360-degree insight into any public or private company. I’ve been so impressed by the platform that my firm, Positive Sum, recently made an investment in Tegus. We did so because we feel that Tegus will be the gold standard platform for investing research for decades to come. If you're ready to go deeper on any company and you appreciate the value of primary research, head to tegus.co/breakdowns for a free trial.   —--   This episode is brought to you by Daloopa. Daloopa streamlines a major pain point for investors. By capturing all of a company's KPIs and adjusted financials into their database - Daloopa makes it easy to quickly update your models for what matters. Daloopa uses AI to find every KPI disclosed - from charts, to text, and even from footnotes of investor presentations. Daloopa updates these KPIs and data points in your existing Excel models in one click, regardless of your source or format. Test Daloopa for free at daloopa.com/Patrick.   —--   Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @JoinColossus | @patrick_oshag | @jspujji | @zbfuss | @ReustleMatt   Show Notes [00:03:19] - [First question] - What Intuit does and their various offerings [00:04:14] - The size and scope of their business lines and customer bases [00:06:20] - Power to the People; How Intuit was founded  [00:09:47] - Evolving from Quicken to the core franchise of small business accounting and consumer tax   [00:13:30] - The value proposition of their products and their economic models  [00:17:43] - Whether or not Intuit’s offerings have a network effect similar to Microsoft Office [00:21:56] - The barrier to entry for competition and what makes them so defensible  [00:26:04] - High level overview of the financials of the business [00:30:22] - The competitive advantage of their culture and managerial style  [00:34:49] - Capital allocation historically for the company  [00:37:09] - The commercial imperative to acquire Credit Karma and Mail Chimp [00:40:18] - Why acquire Mail Chimp given how different it is from their existing offerings [00:43:06] - Potential risks for Intuit given the stride towards tax simplification   [00:45:31] - The key drivers of their growth beyond their expected GDP percentage  [00:49:45] - Lessons for investors and builders to take away from Intuit