{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622b-71dc-a6da-96071a50f0b4", "slug": "ef15bd43a40a", "title": "Autodesk, Inc. (ADSK)", "subtitle": "Jeffrey Smith · 2025-03", "author": "Jeffrey Smith", "date": "2025-03-26 00:00:00", "pageCount": 8, "kind": "shareholder-letter", "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "Autodesk, Inc.", "targetTicker": "ADSK", "document": { "id": "019dd923-622b-71dc-a6da-96071a50f0b4", "slug": "ef15bd43a40a", "title": "Autodesk, Inc. (ADSK)", "rawTitle": "ex1dfan14a06297347 032625", "authorId": "03_Starboard_Value", "authorName": "Jeffrey Smith", "authorDisplay": "Jeffrey Smith", "kind": { "slug": "shareholder-letter", "label": "Shareholder letter" }, "sourceType": { "slug": "activist_investor", "label": "Activist investor" }, "fileName": "2025-03-ex1dfan14a06297347_032625.pdf", "sourceUrl": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001517137&type=DFAN14A", "sourceDate": "2025-03-26 00:00:00", "presentationDate": "2025-03-26 00:00:00", "ingestedAt": "2026-04-22 16:00:06+00", "status": "ready", "pageCount": 8, "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "Autodesk, Inc.", "targetTicker": "ADSK", "metadata": { "local_root": "/tmp/legacy-images/ef15bd43a40a", "activist_firm": "Starboard Value", "origin_corpus": "contrarian", "extraction_seconds": 103.95778584480286 } }, "coverage": { "pageCount": 8, "pagesIndexed": 8, "pagesWithImages": 8, "pagesWithMetadata": 8, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 46, "chartCount": 2, "metricSlides": 0, "toolMatches": 4, "documentToolMatches": 4, "frameworkMatches": 5, "arcMatches": 1, "beatMatches": 4, "loopMatches": 1, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": true, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "Monroe's Motivated Sequence", "slug": "monroes-sequence", "status": "active", "bestFor": "Persuasive speeches, call-to-action decks", "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "matchId": "10253864-b32a-4816-a4af-5cee6c38b511", "evidence": "The sequence of slides follows a logical narrative.", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 21:54:30.497449+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 1, "arc": { "name": "Monroe's Motivated Sequence", "slug": "monroes-sequence", "status": "active", "bestFor": "Persuasive speeches, call-to-action decks", "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 1, "name": "Attention", "beatId": "acb3742f-9ee8-4e29-9e23-a24e94e42934", "matchId": "10253864-b32a-4816-a4af-5cee6c38b511", "beatType": { "name": "Attention", "slug": "monroes-sequence-attention", "status": "active", "canonId": "019dd9b8-1573-779d-93ca-6174bbd57938", "version": 1, "description": null }, "evidence": "The executive summary grabs the reader's attention.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 3, "arc": { "name": "Monroe's Motivated Sequence", "slug": "monroes-sequence", "status": "active", "bestFor": "Persuasive speeches, call-to-action decks", "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 2, "name": "Need", "beatId": "aeb8fe0a-6a3f-4bc4-8a1a-c7c4927e8a61", "matchId": "10253864-b32a-4816-a4af-5cee6c38b511", "beatType": { "name": "Need", "slug": "monroes-sequence-need", "status": "active", "canonId": "019dd9b8-160b-710a-b2d6-2bafabd78694", "version": 1, "description": null }, "evidence": "The peer benchmark and TSR comparison highlight the need for change.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 5, "arc": { "name": "Monroe's Motivated Sequence", "slug": "monroes-sequence", "status": "active", "bestFor": "Persuasive speeches, call-to-action decks", "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 4, "name": "Satisfaction", "beatId": "9b36b52e-9dc2-4b74-a703-af3191ef4249", "matchId": "10253864-b32a-4816-a4af-5cee6c38b511", "beatType": { "name": "Satisfaction", "slug": "monroes-sequence-satisfaction", "status": "active", "canonId": "019dd9b8-16a5-73c8-a3ce-00850dc2cbd8", "version": 1, "description": null }, "evidence": "The expose contradiction slides emphasize the need for change.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. 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Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 5, "from": 2, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null, "categoryName": "Urgency", "categorySlug": "urgency" }, "matchId": "07a3888c-2782-4176-9288-4a2712504789", "evidence": "The document implies that inaction will lead to continued underperformance.", "position": 0, "objective": "What is the cost of inaction?", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:54:30.693279+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "tools": [ { "tool": { "name": "CEO quote contradiction", "slug": "ceo-quote-contradiction", "status": "active", "bestFor": "When management credibility is the lever", "canonId": "019dd9e1-52e9-717f-8454-93e627563ed6", "version": 1, "bodyDocId": "019dd9a1-8296-720d-8f51-da76937f9415", "description": "You reproduce management's own words — verbatim, with source and date — and\nthen place them next to the outcome that contradicts them. The CEO built\nthe rope; you put it around their own neck.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "249907b2-bc88-4c20-9701-b2be38e61ce0", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When management credibility is the lever", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.865912+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- **Maximum credibility**: no adjective you could write is as damning as the\n target's own prior statement.\n- **No rebuttal path**: management can't argue they didn't say it.\n- **It forces accountability onto a person**, not an institution — even if\n you aren't explicitly naming a villain elsewhere.\n- **Reporters amplify it**. 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The gap is the\npunchline.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "fed75e4d-bb49-449a-a066-678d3a2b8abe", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When relative underperformance is the core argument", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.865912+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- It's the **most credible claim in the deck** because it's arithmetic, not\n opinion.\n- It's immediately **actionable** — close this gap and value accrues.\n- It **pre-empts the \"context is different\" defence** by pitting the target\n against direct peers in the same category.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Villain naming", "slug": "villain-naming", "status": "active", "bestFor": "When governance or specific decisions are the core thesis", "canonId": "019dd9e1-55a4-74db-9314-0ced4cd46cd2", "version": 1, "bodyDocId": "019dd9a1-88f1-72ad-8f4e-56ec29d7b369", "description": "You identify a **specific person** responsible for the target's underperformance\nor the behaviour you want changed — and name them. Not \"management\" or \"the\nboard\". A named executive or director with a specific failure attributable to\nthem.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "047cf528-0b45-4cd2-a76f-a92437e9b9d4", "evidence": "Autodesk Board of Directors; CEO Andrew Anagnost", "pageRefs": null, "priority": null, "whenToUse": "When governance or specific decisions are the core thesis", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.865912+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- **Accountability needs a face.** Voters (shareholders, regulators,\n journalists) act faster against people than institutions.\n- **Credibility rises with specificity.** \"The CFO has repeatedly missed\n guidance\" > \"Management has missed guidance\".\n- It **pre-empts evasion**. An individual can be removed; an abstraction\n cannot.\n- It **forces the target to respond personally** — and their defensive\n response usually generates more attention for your thesis.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Villain slide", "slug": "villain-slide", "status": "active", "bestFor": "In activist decks where the personality matters", "canonId": "019dd9e1-518c-7404-976a-5be5a517b659", "version": 1, "bodyDocId": null, "description": "A dedicated slide presenting the named villain visually", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "d618ddd1-f7cd-4f6f-a330-0d04ec43e7be", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "In activist decks where the personality matters", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.865912+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "Makes the antagonist concrete", "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "7607562b-1e5e-497d-b980-6d6530f2ceea", "evidence": "The slide presents a company statement and immediately refutes it as 'simply not true'.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 21:10:18.832+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 1, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "10b50281-2571-4f19-96fc-5833145192b1", "evidence": "Uses peer benchmarking to establish relative performance", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:10:22.371+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 2, "frameworkName": "comparison_frame" }, { "matchId": "62e09c8d-28fe-4886-a7bd-509904a57ace", "evidence": "The slide explicitly calls out a contradiction between company claims and SEC filings.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:10:19.468+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "frameworkName": "fraud-exposure" }, { "matchId": "811b40fd-08d6-48d1-b30d-ad257db250b2", "evidence": "The slide explicitly accuses the company of 'misleading and purposefully confusing disclosure' and 'cherry-picking data'.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 21:10:20.017+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "frameworkName": "fraud-exposure" }, { "matchId": "b34f504e-2da7-4b26-94b3-0ae3c69fd03c", "evidence": "Uses a CEO quote to highlight a discrepancy between management's claims and shareholder expectations.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:10:19.293+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 5, "frameworkName": "ceo-quote-contradiction" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "adversarial", "notes": "DEFA14A-style shareholder letter preceding 2025 proxy fight. Rhetorical anchors: (1) direct rebuttal of Autodesk's March 19, 2025 statement, including a highlighted excerpt as exhibit; (2) peer-gap TSR tables pre- and post-Starboard involvement; (3) red-circled excerpt of Autodesk's own FY2025 10-K five-year TSR chart showing Autodesk below all peer indices — a classic self-contradiction device; (4) boxed verbatim quote from CEO Andrew Anagnost (Nov 2023) admitting the transaction-model transition would mechanically hurt margins, used to discredit the company's FX/transaction-model addbacks. Stake not disclosed in this letter. Nominees: Geoff Ribar (ex-Cadence CFO), Christie Simons (Deloitte TMT audit partner), Jeff Smith (Starboard CEO).", "kpisCited": [ { "detail": "Autodesk +316% vs. peers +670%; -354% gap through June 2024", "metric": "10-year TSR underperformance vs. Proxy Peer Group (pre-Starboard)" }, { "detail": "Autodesk +43% vs. index +166%; -123% gap through June 2024", "metric": "5-year TSR underperformance vs. DJ US Software Index (pre-Starboard)" }, { "detail": "Autodesk +3.2% vs. S&P NA Tech Software +1.7%, DJ US Software +1.4%, Proxy Peers +0.8%", "metric": "1-day TSR reaction to March 19, 2025 nomination disclosure" }, { "detail": "Reported 36%, vs. March 2023 Investor Day FY2026 target of 38-40%", "metric": "FY2025 non-GAAP operating margin" }, { "detail": "Company claims ~39% in FY2025, reaching 38-40% target 'a year ahead of schedule'", "metric": "Underlying non-GAAP operating margin (with FX and transaction-model addbacks)" }, { "detail": "Starboard believes 41-42% achievable by FY2028", "metric": "Long-term non-GAAP operating margin potential" } ], "closingAsk": "Elect Starboard's three director nominees — Geoff Ribar, Christie Simons, and Jeff Smith — at the 2025 Annual Meeting to install a board that will hold management accountable.", "extraction": { "at": "2026-04-22 16:00:06+00", "model": "unknown-legacy", "runId": null, "seconds": 103.95779, "promptVersion": null }, "scqaReward": "A reconstituted board enforces operational discipline, lifts non-GAAP operating margins to 41-42% by FY2028, closes the persistent TSR gap versus software peers, and ends the cherry-picked disclosure regime.", "thesisTypes": [ "governance_board", "management_change", "operational_turnaround" ], "top3Reasons": [ "Autodesk lagged its proxy peer group by 96% over 5 years and 354% over 10 years pre-Starboard", "Management's TSR outperformance claim contradicts Autodesk's own FY2025 Form 10-K", "FY2026 38-40% margin target only reached via questionable FX and transaction-model addbacks" ], "scqaSituation": "Autodesk is a leading design-software franchise whose share price has materially lagged software indices and its own proxy peer group on total shareholder return across 1-, 3-, 5-, and 10-year periods prior to Starboard's June 2024 involvement.", "thesisSummary": "Starboard Value, a large Autodesk shareholder, argues the company's long-term share price and financial underperformance have been enabled by a complete lack of board accountability. Autodesk has meaningfully lagged the DJ US Software Index, S&P NA Tech Software Index, and its own proxy peer group across 1-, 3-, 5-, and 10-year windows prior to Starboard's June 2024 involvement, and management's claim of TSR outperformance directly contradicts Autodesk's own FY2025 Form 10-K chart. Management is also unlikely to hit the 38-40% FY2026 non-GAAP operating margin target set at its March 2023 Investor Day, relying on questionable multi-year FX and transaction-model addbacks to manufacture compliance. Starboard has formally nominated Geoff Ribar, Christie Simons, and Jeff Smith for the 2025 Annual Meeting, arguing a reconstituted independent board is required to push non-GAAP operating margins to 41-42% by FY2028.", "primaryDemands": [ "Elect three Starboard director nominees (Geoff Ribar, Christie Simons, Jeff Smith) at the 2025 Annual Meeting", "Replace directors to install a board that will hold management accountable", "Rightsize cost structure and drive non-GAAP operating margins to 41-42% by FY2028", "End misleading disclosure (FX and transaction-model addbacks) and deliver on March 2023 Investor Day margin targets" ], "scqaResolution": "Elect Starboard's three independent nominees — Geoff Ribar, Christie Simons, and Jeff Smith — at the 2025 Annual Meeting to install a board that will hold management accountable for transparency and margin delivery.", "thesisOneLiner": "Autodesk's long-term share price and margin underperformance reflects a board incapable of holding management accountable; electing Starboard's three nominees installs oversight needed to drive non-GAAP operating margins to 41-42% by FY2028.", "precedentsCited": [], "scqaComplication": "The board has tolerated misleading disclosures: management claims TSR outperformance that contradicts Autodesk's own FY2025 10-K, and reaches its 38-40% FY2026 margin target only via questionable cumulative FX and transaction-model addbacks.", "narrativeInterest": 4, "notableSlidePages": [ 1, 2, 4, 5 ], "peerCompaniesCited": [ "Dow Jones US Software Index", "S&P North American Technology Software Index", "Autodesk 2024 Definitive Proxy Peer Group" ], "valuationFrameworks": [ "multiple_comparison" ], "visualCraftInterest": 2 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "tension", "title": "The slide uses a direct quote from the company to frame a contradiction, a classic activist investor tactic.", "function": "expose_contradiction", "imagePath": 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