{
  "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": 5,
  "pageCount": 6,
  "prevPage": 4,
  "nextPage": 6,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 1,
  "notes": "Page 5 of an activist shareholder letter. Focuses on governance failure and lack of consequences for management.",
  "elementsJson": [
    "paragraph"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6da-5b2a8e0871a7/5",
  "deckHref": "/decks/019dd923-622b-71dc-a6da-5b2a8e0871a7",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6da-5b2a8e0871a7.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6da-5b2a8e0871a7#slide-5",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "It is abundantly clear to us that management took several actions to intentionally mislead investors – these were not accidents.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-203d-768d-baff-60be97635050",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.7,
        "x": 0.15,
        "y": 0.52
      },
      "kind": "paragraph",
      "text": "Shockingly, there have been effectively no consequences and no accountability for those involved in this purposeful misleading of shareholders. The then-CFO was removed from her role only to be immediately appointed to the newly created role of Chief Strategy Officer.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "604a2d54-bead-4828-b503-b08284f49768",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.7,
        "x": 0.15,
        "y": 0.38
      },
      "kind": "paragraph",
      "text": "Moreover, the ramifications of the Company's misdeeds have been far-reaching – the Company is currently the subject of investigations by the SEC and the U.S. Attorney's Office, and its Annual and Quarterly filings were severely delayed.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8fdc6cc6-3a39-45c7-9907-36ac45386b2d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.7,
        "x": 0.15,
        "y": 0.65
      },
      "kind": "paragraph",
      "text": "Furthermore, we find it almost impossible to believe there were not more members of management, and potentially the Board, who were aware of these issues.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "aeab3a4b-a886-4446-8852-2412c1019c47",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.7,
        "x": 0.15,
        "y": 0.18
      },
      "kind": "paragraph",
      "text": "It is abundantly clear to us that management took several actions to intentionally mislead investors – these were not accidents. Autodesk had repeatedly informed shareholders about the transition to annual billings for enterprise customers.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dac91488-48b8-4c46-9c5a-e0e7b4bd46ee",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.7,
        "x": 0.15,
        "y": 0.08
      },
      "kind": "quote",
      "text": "to pursue multiyear upfront contracts with enterprise customers to help meet its fiscal year 2023 free cash flow goal. Upfront billings of enterprise customers in fiscal year 2023 substantially exceeded historical levels",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "99b413dc-83e7-4d58-b94d-603f9e7d7758",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "to pursue multiyear upfront contracts with enterprise customers to help meet its fiscal year 2023 free cash flow goal. Upfront billings of enterprise customers in fiscal year 2023 substantially exceeded historical levels, helping the company to meet its lowered annual free cash flow target. — Autodesk (quoted in text)",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-203d-768d-baff-65119f0d0707",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "activist-defense",
      "slug": null,
      "matchId": "a3f419df-8830-4922-bc9a-d175f8cfa6d4",
      "evidence": "The slide explicitly frames management actions as intentional deception and calls for accountability.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 5,
      "from": 5,
      "beatId": "1890887a-f943-43cb-ad7f-4e74d8499a37",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Critique of Current Strategy",
      "beatSlug": null,
      "evidence": "The document critiques Autodesk's current strategy and approach to enterprise customers.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 6,
      "from": 5,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "7bd45950-f752-471c-bd1f-2172ddc3a8cb",
      "evidence": "The document highlights the consequences of not changing the approach to enterprise customers.",
      "position": 1,
      "objective": "Emphasize the cost of not changing the current strategy",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}