{
  "docId": "019dd923-622b-71dc-a6da-7afc5b0709c8",
  "docSlug": "9b1f606a3ca5",
  "documentTitle": "Autodesk, Inc. (ADSK)",
  "authorId": "03_Starboard_Value",
  "authorName": "Jeffrey Smith",
  "documentKindSlug": "shareholder-letter",
  "documentKindLabel": "Shareholder letter",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2024-06-17 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 4,
  "pageCount": 8,
  "prevPage": 3,
  "nextPage": 5,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 6,
  "notes": "This is a page from a shareholder letter, likely from an activist investor campaign. It uses a narrative structure to build a case against the Board's integrity.",
  "elementsJson": [
    "paragraph",
    "footnote"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6da-7afc5b0709c8/4",
  "deckHref": "/decks/019dd923-622b-71dc-a6da-7afc5b0709c8",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6da-7afc5b0709c8.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6da-7afc5b0709c8#slide-4",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "For these reasons, we believe Autodesk should delay the 2024 Annual Meeting and reopen the nomination window to give all shareholders the ability to nominate director candidates.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-203e-77ad-a69b-a7393c6e8884",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.09,
        "w": 0.78,
        "x": 0.11,
        "y": 0.57
      },
      "kind": "paragraph",
      "text": "As described above, Autodesk’s Investigation prompts serious and severe questions around the Company’s leadership, business practices, governance, and communications with shareholders.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0ae6e427-a009-4eab-971d-271f02d47011",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.11,
        "w": 0.78,
        "x": 0.11,
        "y": 0.35
      },
      "kind": "paragraph",
      "text": "The Board knew the information in its possession was material enough to inform the SEC. At best, the Board was complicit with management in choosing to delay disclosure to shareholders.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4f1dcae9-900c-4f0c-ba3e-d05f86c7b15b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.78,
        "x": 0.11,
        "y": 0.48
      },
      "kind": "paragraph",
      "text": "For these reasons, we believe Autodesk should delay the 2024 Annual Meeting and reopen the nomination window to give all shareholders the ability to nominate director candidates.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "62a52de8-1286-43b5-926f-f103b3c5cbe8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.78,
        "x": 0.11,
        "y": 0.21
      },
      "kind": "paragraph",
      "text": "We believe the Board has acted to disenfranchise shareholders. The Board commenced the Investigation in early March 2024... Autodesk did voluntarily inform the SEC about the Investigation on March 8, 2024.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6bbda674-b36b-444d-b1b6-45b28bb9695c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.78,
        "x": 0.11,
        "y": 0.68
      },
      "kind": "paragraph",
      "text": "At its March 2019 Investor Day, the Company laid out various long-term financial targets for FY2023, including adjusted operating margins of ~40% and $2.4 billion in free cash flow.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ddcfe1c0-44af-4974-985f-eb23b0fd9fd2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.78,
        "x": 0.11,
        "y": 0.09
      },
      "kind": "paragraph",
      "text": "Officer and needed to appoint Ms. Clifford into that position? One would have to ask why this was done, as it does not appear to be a sound or solely business-related decision.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e86d6e2b-7c5f-425b-8520-1598c7bf219f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.78,
        "x": 0.11,
        "y": 0.88
      },
      "kind": "source-note",
      "text": "2 Increased revenue growth target by 50bps; reduced Non-GAAP operating margin target by 200bps; and increased revenue growth plus FCF margin target to 64 to 68%.",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "aa51e293-e2cf-44f9-a9cf-29b3222ce177",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "cd47abe8-ffb7-4b9b-9f4a-acd45885fe59",
      "evidence": "The slide explicitly accuses the board of complicity and misleading shareholders to protect their own positions.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 5,
      "from": 2,
      "beatId": "42189fc7-bd01-4f64-9ed8-b05a8f9e9dfa",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Monster",
      "beatSlug": "overcoming-monster-the-monster",
      "evidence": "The slides exposing contradictions in Autodesk's financial disclosures.",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": "Hook",
      "parentBeatSlug": "hook"
    }
  ],
  "loops": [
    {
      "to": 5,
      "from": 2,
      "name": "The Reveal",
      "slug": "05-the-reveal",
      "bestFor": "Product launches, strategic pivots, unexpected findings",
      "matchId": "cd4cf670-c3a3-4135-ba87-15f84d72dde9",
      "evidence": "The document's focus on exposing contradictions in Autodesk's financial disclosures.",
      "position": 0,
      "objective": "Reveal the extent of Autodesk's misleading disclosures",
      "structure": "Setup the Question -> Build Suspense -> The Big Reveal",
      "confidence": 0.8,
      "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}