I agree, there are some concerning items in this report. Understand they have become "Profitable" however it has come at the price of growth. Only 6% growth in the U.S and it's a new growth market for them. Going to be hard to justify more spend in this region with such minimal returns. Intuit clearly difficult to displace.
They have lifted prices and Small businesses growth is what drive more clients onto the platform (Through accountants). Tick up in churn. Wouldn't want to see that sustain.
Look at international churn. Very worrying, again growth market.
A great business, but an expensive one again now. Metrics show growth slowing which given higher rates and the higher valuation over the last 6 months going to be hard to justify an investment at this point.
Ann: H1 FY24 Market Release, page-3
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