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  "docId": "019dd923-622b-71dc-a6da-96071a50f0b4",
  "docSlug": "ef15bd43a40a",
  "documentTitle": "Autodesk, Inc. (ADSK)",
  "authorId": "03_Starboard_Value",
  "authorName": "Jeffrey Smith",
  "documentKindSlug": "shareholder-letter",
  "documentKindLabel": "Shareholder letter",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2025-03-26 00:00:00",
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  "pageNumber": 2,
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  "slideType": "peer_benchmark",
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  "density": "dense",
  "nDataPoints": 24,
  "notes": "The slide uses a 'before-after' framing regarding Starboard's involvement to attribute recent performance improvements to their activism.",
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      "kind": "callout",
      "text": "All peer sets and all time periods yield the same conclusion: Autodesk’s share price has meaningfully underperformed over the short, medium, and long-term.",
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      "kind": "metric",
      "text": "TSR: (354%)",
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      "kind": "paragraph",
      "text": "We believe the Company's track record of share price underperformance is clear. While Autodesk claims to have \"total shareholder returns that have outperformed [its] peers,\" it does not clarify which peers are serving as a comparison point or over what time period it is measuring returns. In order to establish a fair assessment of the Company's relative share price performance, we have utilized various peer sets and multiple time periods prior to our public involvement in June 2024 (i.e., the unaffected share price). All peer sets and all time periods yield the same conclusion: Autodesk's share price has meaningfully underperformed over the short, medium, and long-term.",
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      "kind": "source-note",
      "text": "(1) Source: Bloomberg. TSR measured up until the date Starboard's involvement was first disclosed (June 14, 2024). (2) Represents the average of the proxy peers as defined by the Company's 2024 Definitive Proxy dated June 14, 2024. Excludes companies that were not public for the entire duration of the measurement period.",
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      "kind": "table",
      "text": "TSR Prior to Starboard's Involvement table",
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      "kind": "title",
      "text": "Autodesk's Share Price Has Underperformed Over the Long-Term",
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      "evidence": "The peer benchmark and TSR comparison highlight the need for change.",
      "position": 1,
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  "loops": [
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      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
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      "evidence": "The document implies that inaction will lead to continued underperformance.",
      "position": 0,
      "objective": "What is the cost of inaction?",
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