{
  "docId": "019dd923-622b-71dc-a6da-7dbcf853259c",
  "docSlug": "382e24b30fef",
  "documentTitle": "Autodesk, Inc. (ADSK)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2024-08-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 81,
  "pageCount": 88,
  "prevPage": 80,
  "nextPage": 82,
  "slideType": "villain_critique",
  "function": "name_villain",
  "density": "dense",
  "nDataPoints": 9,
  "notes": "The slide uses a bar chart to visualize acquisition spend and a callout box to emphasize the cumulative total.",
  "elementsJson": [
    "headline_text",
    "bar_chart_vertical",
    "bullet_list",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6da-7dbcf853259c/81",
  "deckHref": "/decks/019dd923-622b-71dc-a6da-7dbcf853259c",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6da-7dbcf853259c.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6da-7dbcf853259c#slide-81",
  "components": [
    {
      "bbox": {
        "h": 0.15,
        "w": 0.25,
        "x": 0.5,
        "y": 0.25
      },
      "kind": "callout",
      "text": "$2.4 billion in cumulative spend since FY2021",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "47397f8d-f4de-4faa-ab0f-b5e88bc970c9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Autodesk has spent $2.4 billion on acquisitions over the last five years, mostly for assets with little to no revenue.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-fb8f-761b-afca-d17c1003b322",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.4,
        "w": 0.9,
        "x": 0.05,
        "y": 0.15
      },
      "kind": "chart",
      "text": "Summary of Autodesk's Recent Acquisition Spend",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "107a1126-88c3-4b3a-a71e-b918c14c2c0e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.9,
        "x": 0.05,
        "y": 0.6
      },
      "kind": "list",
      "text": "Autodesk has spent $2.4 billion on acquisitions over the last five years, mostly for assets with little to no revenue. The Company has not regularly disclosed revenue or return metrics associated with these deals – suggesting poor performance. We believe the recent $266 million acquisition of PIX raises significant questions.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bb90e2ba-02f4-4226-a62b-36f35b63f8d0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "acquisition spend: $2.4 billion",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-fb8f-761b-afca-d54ff9dab3a1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.2,
        "x": 0.05,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: Public company filings.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a1b1e24e-27f9-486d-aebc-dd7fee6e7fdd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.85
      },
      "kind": "title",
      "text": "We believe the Company should prioritize improving its own performance over speculative M&A",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b4725e6b-6d8b-47ec-8caa-e13bf7475445",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "We Have Concerns With Autodesk's M&A Strategy",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a52f7035-f66c-46f2-b828-1af5bbb5378a",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "villain_critique",
      "slug": null,
      "matchId": "74edc247-a5ab-4893-9c81-0ecde72223e3",
      "evidence": "The slide explicitly frames the company's M&A strategy as a negative, speculative, and poorly disclosed activity.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [
    {
      "to": 88,
      "from": 4,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "caff0ba1-c341-428c-8bfc-3a5587038a61",
      "evidence": "The presentation highlights the consequences of not taking action to address Autodesk's underperformance",
      "position": 0,
      "objective": "The cost of inaction is significant value destruction",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}