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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": "The slide uses a contrast between the high payout percentages and the 'modest' performance descriptor to imply excessive compensation.",
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      "kind": "callout",
      "text": "97% STI Avg Payout & 106% LTI Avg Payout(1) for 26% Relative TSR(2) Outperformance",
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      "kind": "chart",
      "text": "Grouped bar chart showing Short-Term and Long-Term Payouts for FY2018, FY2019, and FY2020.",
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      "text": "Executive Payout Percentage: 106%",
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      "text": "As Autodesk generated strong revenue growth and its share price modestly outperformed, the Board rewarded executives with full bonus payouts.",
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      "text": "Source: Public company filings, Bloomberg. (1) Calculated as Actual Number of PSUs Earned divided by Target Number of PSUs earned over the trailing 3-year lookback period. (2) Represents TSR from 01/31/17 to 01/31/20. Performance is relative to S&P North American Technology Software Index.",
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      "text": "From FY2018 – FY2020, Autodesk Executives Earned Full Payouts for Modest Outperformance...",
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      "evidence": "The presentation highlights the consequences of not taking action to address Autodesk's underperformance",
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      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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