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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": "Uses a waterfall chart to illustrate the buildup of total cash available for buybacks through FY2027.",
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      "text": "Over the next few years, we believe Autodesk can meaningfully shrink its share count and grow FCF per share",
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      "text": "Autodesk currently generates a significant amount of free cash flow, and the Company is expected to have a net cash position by fiscal year end. In November 2022, Autodesk authorized the repurchase of $5 billion of the Company’s stock (adding to an existing authorization). As of the most recent quarter, approximately $4.7 billion remains on this authorization. Based on consensus expectations, Autodesk will have more than $5 billion of free cash flow to deploy through FY2027 – margin improvement will drive even greater free cash flow generation and capital deployment capacity. We believe Autodesk should be using this free cash flow to reduce its share count and grow free cash flow per share.",
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      "kind": "source-note",
      "text": "Source: Company filings and earnings transcripts. Market data as of July 29, 2024.",
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