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  "documentTitle": "Autodesk, Inc. (ADSK)",
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  "notes": "Uses a 'before-after' framing to expose a contradiction in management's stated goals.",
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      "kind": "callout",
      "text": "Why did the Board accept growth + profit – the “hallmark” of value – declining so much?",
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      "text": "Revenue Growth + FCF Margin: 55%",
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      "text": "After achieving 55% Revenue Growth + FCF Margin in FY2023, the Company lowered its long-term target to 45% with little explanation.",
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      "text": "We continue to manage our business using a Rule of Forty framework with a goal of reaching 45% or more over time.",
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      "text": "I also want to reiterate what our fiscal '23 targets are; 16% to 18% revenue CAGR, $2.4 billion in free cash flow, roughly a 40% operating margin, and again a sum of revenue growth in free cash flow that stays between 55% and 65%.",
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      "text": "“I also want to reiterate what our fiscal '23 targets are; 16% to 18% revenue CAGR, $2.4 billion in free cash flow, roughly a 40% operating margin, and again a sum of revenue growth in free cash flow that stays between 55% and 65%. We are confident in these targets at this point, and I want to make sure that you understand that it is our goal to achieve these to the same degree that we achieved our FY '20 targets that we set over three years ago.” — Andrew Anagnost, CEO, 2020 Digital Investor Day; “We continue to manage our business using a Rule of Forty framework with a goal of reaching 45% or more over time. We are taking significant steps towards our goal this year and next. We think this balance between compounding revenue growth and strong free cash flow margins captured in the Rule of Forty framework is the hallmark of the most valuable companies in the world…” — Andrew Anagnost, CEO, Q1 FY2025 Earnings Call",
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      "text": "Autodesk Significantly Lowered the Bar (Cont'd)",
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