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  "docSlug": "382e24b30fef",
  "documentTitle": "Autodesk, Inc. (ADSK)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
  "documentKindSlug": "activist-deck",
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  "presentationDate": "2024-08-01 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 26,
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  "prevPage": 25,
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  "slideType": "expose_contradiction",
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  "notes": "Uses a screenshot of a previous investor day presentation to establish a baseline commitment.",
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      "kind": "callout",
      "text": "Autodesk committed to generating $2.4 billion of FCF in FY2023 and double digit FCF growth from FY2023 through FY2026, implying a minimum of $3.2 billion in FY2026 FCF",
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      "text": "Free Cash Flow CAGR: double-digit",
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      "text": "More Consistent Free Cash Flow Growth. Transition to annual billings for product subscriptions reduces FY24 FCF, but accelerates FY25 & FY26 FCF — Autodesk Investor Day 2021",
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      "kind": "source-note",
      "text": "Source: Company presentations. Emphasis added.",
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      "kind": "title",
      "text": "In 2021, the Company Also Committed to a Double-Digit Free Cash Flow CAGR From FY2023 to FY2026",
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      "evidence": "The presentation highlights the consequences of not taking action to address Autodesk's underperformance",
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