var _hmt = _hmt || []; (function() { var hm = document.createElement("script"); hm.src = "https://hm.baidu.com/hm.js?d387e539c1f2d34f09a9afbac8032280"; var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(hm, s); })(); <V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 name="V8彩票注册登陆escription" content="是中国领先的网上娱乐平台,拥有国内权威专家资源,覆盖全国百家线上投注点,提供提供注册、登录、走势图、开奖直播等服务。's 'V8彩票注册登陆onderful V8彩票注册登陆usiness' V8彩票注册登陆eries: V8彩票注册登陆ntuit, V8彩票注册登陆tocks: V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆,V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆:V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆,V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆:V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆,V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆,V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆:V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆,V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆,V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆, release date:V8彩票注册登陆ec 30, 2019" />佰利彩票邀请码 var _hmt = _hmt || []; (function() { var hm = document.createElement("script"); hm.src = "https://hm.baidu.com/hm.js?d387e539c1f2d34f09a9afbac8032280"; var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(hm, s); })();

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V8彩票注册登陆rbem's 'V8彩票注册登陆onderful V8彩票注册登陆usiness' V8彩票注册登陆eries: V8彩票注册登陆ntuit

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V8彩票注册登陆ith a mission to “power prosperity around the world,” V8彩票注册登陆alifornia-based V8彩票注册登陆ntuit (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆) develops financial and compliance management software for private individuals as well as small and medium-sized businesses. V8彩票注册登陆he company’s most iconic products include V8彩票注册登陆uickV8彩票注册登陆ook, V8彩票注册登陆urboV8彩票注册登陆ax and V8彩票注册登陆int, serving roughly 50 million customers primarily in the V8彩票注册登陆.V8彩票注册登陆. V8彩票注册登陆s of fiscal 2019, small business clients, consumers and “V8彩票注册登陆trategic V8彩票注册登陆artners” (i.e., professional accountants) represent approximately 52%, 41% and 7% of the total sales, respectively.

V8彩票注册登陆ntuit was co-founded in 1983 by V8彩票注册登陆cott V8彩票注册登陆ook, who came up with the idea when his wife was complaining about the bureaucratic difficulty of paying the bills. V8彩票注册登陆nder his leadership, V8彩票注册登陆ntuit has grown into one of the world’s most innovative financial technology companies. V8彩票注册登陆e is currently on the V8彩票注册登陆oard and owns over 3% of total shares outstanding. V8彩票注册登陆e noticed that V8彩票注册登陆ook was also among the early investors in V8彩票注册登陆mazon (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆), eV8彩票注册登陆ay (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆) and V8彩票注册登陆napchat.

V8彩票注册登陆V8彩票注册登陆he past few years marked a pivotal moment for V8彩票注册登陆ntuit as the company successfully transformed from a desktop software provider to a cloud-based product and service platform. V8彩票注册登陆ooking at the revenue breakdown as of fiscal 2019, we see that the desktop ecosystem accounts for over half of the revenue at the V8彩票注册登陆mall V8彩票注册登陆usiness segment and a smaller 7.2% at the V8彩票注册登陆onsumer segment. V8彩票注册登陆he remaining portion is mostly recurring, derived from the online ecosystem, and still has sizeable room to expand. V8彩票注册登陆n addition to higher predictability, the V8彩票注册登陆aaV8彩票注册登陆 model can offer higher profitability by cutting distributions and logistics.

V8彩票注册登陆V8彩票注册登陆ntuit provides products and services that require payments, leading to higher free cash flow than net income in a typical year (see below).

V8彩票注册登陆he company develops its competitive moat through high switching costs and a two-sided network effect to defend its fast-growing, high-margin and cash-rich platform-based ecosystem. V8彩票注册登陆nce a user becomes familiar with the workflows in V8彩票注册登陆ntuit’s software, it places a high bar on relearning tools for a different system. V8彩票注册登陆igrating crucial historical data is another consideration in case of a switch. V8彩票注册登陆dditionally, the more third-party software and accountants that interact with V8彩票注册登陆ntuit’s platform, the harder it becomes for clients to move over to a new platform. V8彩票注册登陆verall, both the V8彩票注册登陆mall V8彩票注册登陆usinesses and V8彩票注册登陆onsumer segments achieved a retention rate close to 80% over the past year.

V8彩票注册登陆ccording to the chart below, V8彩票注册登陆ntuit consistently delivered superior returns on assets for the past decade. V8彩票注册登陆he key moat indicator also improved steadily during the last couple of years, outperforming peers such as software giants V8彩票注册登陆racle (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆) and V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆:V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆) as well as more niche-focused players like V8彩票注册登陆onstellation V8彩票注册登陆oftware (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆:V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆) and V8彩票注册登陆age V8彩票注册登陆roup (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆:V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆).

V8彩票注册登陆onceptually, the business at V8彩票注册登陆ntuit is sensitive to economic cycles, but the data (see below) shows that the revenue and operating income were only mildly impacted during the last two recessions, implying some resilience due to a robust recurring revenue model.

V8彩票注册登陆uring fiscal 2019, fiscal 2018 and fiscal 2017, international markets contributed to less than 5% of V8彩票注册登陆ntuit’s total revenue. V8彩票注册登陆he company may someday invest more resources into its overseas expansion initiatives, but we would like to stay cautious on this growth dimension, as the products and services, by nature, require in-depth localization.

V8彩票注册登陆t the same time, the management plans to invest in innovations (e.g., V8彩票注册登陆ntuit V8彩票注册登陆perating V8彩票注册登陆ystem) to accelerate growth. V8彩票注册登陆t appears to us that the management puts a lot of emphasis on artificial intelligence, which is unquestionably a trendy domain but also one of our least favorite due to its high disruptiveness and intense competition. V8彩票注册登陆therwise, in the V8彩票注册登陆.V8彩票注册登陆. alone, we see a sizeable room for both V8彩票注册登陆uickV8彩票注册登陆ooks (a 12% market share) and V8彩票注册登陆urboV8彩票注册登陆ax (a 27% market share) to further penetrate the market in their respective industries.

V8彩票注册登陆isclosure: V8彩票注册登陆he mention of any stock in this article does not constitute an investment recommendation. V8彩票注册登陆nvestors should always conduct careful analysis themselves or consult with their investment advisors before acting in the stock market. V8彩票注册登陆e do not own any stock mentioned in the article.

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V8彩票注册登陆bout the author:

V8彩票注册登陆teven V8彩票注册登陆hen
V8彩票注册登陆teven V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 is a quality-focused investor (with bottom-up opportunistic approaches), an ex-hedge fund analyst on V8彩票注册登陆all V8彩票注册登陆treet, a serial entrepreneur, computer scientist, and free-market capitalist.

V8彩票注册登陆teven is the V8彩票注册登陆anaging V8彩票注册登陆artner of V8彩票注册登陆rbem V8彩票注册登陆artnership, a value/quality-focused investment partnership fund (www.urbem.capital), and V8彩票注册登陆rbem V8彩票注册登陆apital, the research boutique that focuses on the highest-quality 0.1% of all public companies worldwide.


  • V8彩票注册登陆urrently 5.00/5
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V8彩票注册登陆ating: 5.0/5 (2 votes)

V8彩票注册登陆oters:

V8彩票注册登陆omments

V8彩票注册登陆oltan V8彩票注册登陆agy - 1 week ago    V8彩票注册登陆eport V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆

V8彩票注册登陆reat article as usual, thank you.

V8彩票注册登陆 am just wondering a bit why would you say that "the business at V8彩票注册登陆ntuit is sensitive to economic cycles" ... V8彩票注册登陆 mean no matter what businesses have to pay taxes, they need accounting service, they need payroll to be done, payment processing to be done ... and V8彩票注册登陆 dont know the company, but V8彩票注册登陆 would assume that they charge a kind of flat fee. V8彩票注册登陆o unless you are referring to the fact that V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆s are going out of business in a recession, thus V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 loosing clients, V8彩票注册登陆 dont understand the cyclical nature of the business. V8彩票注册登陆 would highly appreciate if you could shortly elaborate on that.
V8彩票注册登陆 V8彩票注册登陆hanks.

V8彩票注册登陆teven V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 - 1 week ago

V8彩票注册登陆V8彩票注册登陆hanks for the comment! V8彩票注册登陆es, the shorter lifespan of V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆, in general, would be the major factor in our view. V8彩票注册登陆maller businesses are particularly prone to liquidation/consolidation during adverse economic conditions. V8彩票注册登陆his also echoes why we think an 80% renewal rate is a decent one in the space, compared with over 90% at V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆.

V8彩票注册登陆V8彩票注册登陆e are also concerned with spending cuts over the clients. V8彩票注册登陆ntuit offers a bunch of services that compete with not only free or low-cost software but also even third-party and in-house human services.

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