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  "documentTitle": "Autodesk, Inc. (ADSK)",
  "authorId": "03_Starboard_Value",
  "authorName": "Jeffrey Smith",
  "documentKindSlug": "shareholder-letter",
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  "presentationDate": "2024-06-17 00:00:00",
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  "notes": "The slide uses a 'missed' red X motif to emphasize failure to meet stated financial goals.",
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      "kind": "callout",
      "text": "Despite committing to these targets repeatedly over the course of multiple years, the Company ultimately missed the midpoint of all of its FY2023 targets.",
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      "text": "Comparison of four key financial metrics: Revenue CAGR, Operating Margins, Free Cash Flow, and Growth + FCF Margins.",
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      "text": "FY2023 financial targets",
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      "text": "Despite committing to these targets repeatedly over the course of multiple years, the Company ultimately missed the midpoint of all of its FY2023 targets.",
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      "text": "After missing these targets, Autodesk simply lowered the bar for its next set of financial targets. Specifically, at the March 2023 Investor Day, the Company lowered its target for revenue growth plus free cash flow margin from 55-65% to just 45%+ by FY2026.",
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      "text": "Unfortunately, based on consensus estimates, Autodesk is currently expected to miss these lowered targets in FY2026, as shown below.",
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      "text": "Source: Public company filings and presentations. (1) Targets adjusted at 2021 investor day to account for M&A",
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      "text": "Investor Day Targets vs. Actual Results",
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