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  "documentTitle": "Autodesk, Inc. (ADSK)",
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  "authorName": "Jeffrey Smith",
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  "presentationDate": "2024-06-25 00:00:00",
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  "notes": "The slide argues that Autodesk's valuation discount is a result of poor performance and governance issues, specifically citing misleading billings practices.",
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      "text": "This discounted multiple should serve as a stark indication to management and the Board that shareholders have less confidence in Autodesk’s future performance relative to peers.",
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      "text": "EV/CY2025E EBITDA: 19.4x",
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      "text": "As the Board is well aware, as early as FY2018, the Company began transitioning large enterprise customers...",
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      "text": "Following the Investigation, it is now clear that Autodesk's actual billings practices were the opposite of what it had communicated...",
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      "text": "As a result of this poor performance and investors' lack of confidence, Autodesk trades at a significant discount to its peers...",
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      "kind": "quote",
      "text": "During fiscal year 2022, the company announced that it had begun to shift enterprise customers to contracts billed annually...",
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      "text": "During fiscal year 2022, the company announced that it had begun to shift enterprise customers to contracts billed annually, and that it had assumed fiscal 2023 enterprise contracts would be billed annually. The company subsequently determined, however, — Autodesk May 31, 2024 Form 8-K",
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      "text": "Source: Capital IQ, Bloomberg. Market data as of June 14, 2024.",
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      "text": "Enterprise Value/ CY2025E EBITDA",
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