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  "notes": "Includes specific cost reduction targets (500bps S&M, 300bps G&A) and projected financial outcomes.",
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      "text": "At least 500bps of S&M cost savings (~$275mm) and 300bps of G&A cost savings (~$165mm)",
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      "text": "Adj. Operating Margin: 45%",
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      "text": "Source: Capital IQ and Starboard estimates. (1) Assumes full benefit of cost savings... (2) Assumes 90% Adj. Operating Income to FCF conversion. (3) Includes impact of share issuance...",
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      "text": "Proposed FY2025 - FY2027E Minimum Budget Targets table",
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      "text": "Autodesk's Board Must Ensure Appropriate Targets Are Set To Drive Significant Value Creation",
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