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  "documentTitle": "Autodesk, Inc. (ADSK)",
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  "authorName": "Starboard Value",
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  "presentationDate": "2024-08-01 00:00:00",
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  "notes": "Includes a table detailing consensus revenue, gross profit, operating income, and margins, alongside specific cost reduction targets.",
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      "text": "At least 500bps of S&M cost savings (~$275mm) and 300bps of G&A cost savings (~$165mm)",
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      "text": "Adj. Operating Margin: 45%",
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      "text": "We believe Autodesk should build a budget by doing the following: Right-size cost structure; Hold management accountable for delivering operating margins; Make revenue growth assumptions & determine operating income with proper incremental margin targets",
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      "text": "Source: Capital IQ and Starboard research. Market data as of July 29, 2024. (1) Assumes full benefit of cost savings outlined in the Cost Reductions column. Note: Consensus estimates appear to assume modest shift to agency model.",
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      "text": "Proposed FY2025E – FY2027E Minimum Budget Targets table",
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      "kind": "title",
      "text": "The Board Must Ensure Autodesk’s Budgets Target an Appropriate Financial Profile",
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