{
  "docId": "019dd923-622b-71dc-a6da-5b2a8e0871a7",
  "docSlug": "994886f56037",
  "documentTitle": "Autodesk, Inc. (ADSK)",
  "authorId": "03_Starboard_Value",
  "authorName": "Jeffrey Smith",
  "documentKindSlug": "shareholder-letter",
  "documentKindLabel": "Shareholder letter",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2024-06-25 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 2,
  "pageCount": 6,
  "prevPage": 1,
  "nextPage": 3,
  "slideType": "cite_precedent",
  "function": "cite_precedent",
  "density": "overcrowded",
  "nDataPoints": 5,
  "notes": "The slide uses analyst quotes to validate the activist thesis and a line chart to demonstrate historical underperformance.",
  "elementsJson": [
    "quote_block",
    "line_chart",
    "paragraph",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6da-5b2a8e0871a7/2",
  "deckHref": "/decks/019dd923-622b-71dc-a6da-5b2a8e0871a7",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6da-5b2a8e0871a7.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6da-5b2a8e0871a7#slide-2",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "In the five years preceding our involvement, Autodesk’s share price significantly underperformed design software peers, the broader software market, and the overall market, as shown below.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-203d-768d-baff-754639e19bc5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.76,
        "x": 0.12,
        "y": 0.53
      },
      "kind": "chart",
      "text": "5-Year Historical Share Price Performance Chart",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cc51b694-1035-430b-bb7b-95c1b77b0420",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "share price performance: 43.5%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-203d-768d-baff-7df01d629064",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.76,
        "x": 0.12,
        "y": 0.81
      },
      "kind": "paragraph",
      "text": "Since the issuance of our public letter last week, Autodesk’s share price has risen by approximately 6%, driven by shareholders’ excitement and expectations regarding the potential for improved accountability and performance.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6f07a869-2a7b-490a-bfba-d7d8729670e1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.76,
        "x": 0.12,
        "y": 0.48
      },
      "kind": "paragraph",
      "text": "In the five years preceding our involvement, Autodesk’s share price significantly underperformed design software peers, the broader software market, and the overall market, as shown below.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "71436986-5406-4c10-8f26-06a965b049db",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.72,
        "x": 0.14,
        "y": 0.23
      },
      "kind": "quote",
      "text": "We believe Autodesk is a good business that has the potential for multiple expansion due to improved execution...",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "80378668-dd89-43b0-a595-20df5eca205d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.72,
        "x": 0.14,
        "y": 0.31
      },
      "kind": "quote",
      "text": "ADSK has close to a monopolistic market position in AEC software and believe an activist can have ADSK increase its focus on efficiency...",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "91ff3903-4d15-439b-a1dd-613339af6df6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.13,
        "w": 0.72,
        "x": 0.14,
        "y": 0.09
      },
      "kind": "quote",
      "text": "We see Starboard stake as a positive... there is significant room for margins to improve.",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "97eec4d8-cddc-4ffb-afef-6aa237721a5b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.72,
        "x": 0.14,
        "y": 0.39
      },
      "kind": "quote",
      "text": "The company's billing system transition... Starboard's involvement may provide an opportunity for investors to gain greater confidence...",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ff7e36cb-996b-44f9-b6b6-95e3e381dfcb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "\"We see Starboard stake as a positive – We see the news as a positive as the involvement of an activist further validates the opportunity for value creation at Autodesk.\" — Citi, June 2024. \"We believe Autodesk is a good business that has the potential for multiple expansion due to improved execution... most tend to agree that Autodesk is a great company, but one that needs to improve its execution, investor messaging and margins.\" — RBC Capital, June 2024. \"ADSK has close to a monopolistic market position in AEC software and believe an activist can have ADSK increase its focus on efficiency as it undergoes its agency model transition.\" — Wolfe Research, June 2024. \"The company’s billing system transition, transaction model change and recent financial audit all add complexity and uncertainty. Starboard’s involvement may provide an opportunity for investors to gain greater confidence and clarity and for management to engage with investors.\" — BofA Securities, June 2024.",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-203d-768d-baff-7b6717ec470a",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "authority-citation",
      "slug": null,
      "matchId": "6ede8adb-1f07-4bba-a2de-d7b8a6859c57",
      "evidence": "Use of analyst quotes to validate the activist thesis.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 2,
      "from": 1,
      "beatId": "5619355c-9431-460a-b7be-7e314943ef35",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Problem & Complication",
      "beatSlug": "consultants-gambit-problem-complication",
      "evidence": "The executive summary and historical share price performance chart highlight Autodesk's underperformance.",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": "Complication",
      "parentBeatSlug": "complication"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}