{
  "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",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 3,
  "pageCount": 8,
  "prevPage": 2,
  "nextPage": 4,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 32,
  "notes": "The slide uses a combination of a bar chart for a specific date and a table for multi-year performance to argue that Autodesk's performance is mediocre.",
  "elementsJson": [
    "bar_chart_vertical",
    "comparison_table",
    "paragraph"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6da-96071a50f0b4/3",
  "deckHref": "/decks/019dd923-622b-71dc-a6da-96071a50f0b4",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6da-96071a50f0b4.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6da-96071a50f0b4#slide-3",
  "components": [
    {
      "bbox": {
        "h": 0.06,
        "w": 0.764,
        "x": 0.118,
        "y": 0.74
      },
      "kind": "callout",
      "text": "It is also important to note that Autodesk's statement claiming a track record of TSR outperformance actually contradicts the Company's own SEC filings – such as its most recently filed Form 10-K for FY2025:",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7f5c69c7-448f-45cf-8979-1155343a9dab",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "We would question why the Board and management are so satisfied with returns that can only be charitably referred to as mediocre.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-5377-73e2-a96d-c80d683666ab",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.76,
        "x": 0.12,
        "y": 0.14
      },
      "kind": "chart",
      "text": "TSR comparison bar chart",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ededf00f-fc1c-417e-9c32-35743dbb17e5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Total Shareholder Return: 322%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-5377-73e2-a96d-ccada704b50c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.764,
        "x": 0.118,
        "y": 0.69
      },
      "kind": "paragraph",
      "text": "We would question why the Board and management are so satisfied with returns that can only be charitably referred to as mediocre.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ae196c5b-61dc-44ae-b062-e45f7f8fe1e8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.764,
        "x": 0.118,
        "y": 0.35
      },
      "kind": "paragraph",
      "text": "However, even if we give Autodesk full credit for the share price performance following the initial public disclosure of our involvement in June 2024 through March 18, 2025, the Company's TSR track record is still poor.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b267af2e-fa8b-4fb7-b4cf-54b66a68cdcc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.22,
        "w": 0.764,
        "x": 0.118,
        "y": 0.42
      },
      "kind": "table",
      "text": "TSR Comparison to March 18, 2025 table",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c27d9cac-2d08-4b57-b7cd-3ffe85ed5d98",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.025,
        "w": 0.764,
        "x": 0.118,
        "y": 0.11
      },
      "kind": "title",
      "text": "March 19, 2025 TSR Comparison",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7b500b00-5479-420d-87ed-3cb9b2399376",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "62e09c8d-28fe-4886-a7bd-509904a57ace",
      "evidence": "The slide explicitly calls out a contradiction between company claims and SEC filings.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 3,
      "from": 2,
      "beatId": "aeb8fe0a-6a3f-4bc4-8a1a-c7c4927e8a61",
      "arcName": "Monroe's Motivated Sequence",
      "arcSlug": "monroes-sequence",
      "beatName": "Need",
      "beatSlug": "monroes-sequence-need",
      "evidence": "The peer benchmark and TSR comparison highlight the need for change.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Complication",
      "parentBeatSlug": "complication"
    }
  ],
  "loops": [
    {
      "to": 5,
      "from": 2,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "07a3888c-2782-4176-9288-4a2712504789",
      "evidence": "The document implies that inaction will lead to continued underperformance.",
      "position": 0,
      "objective": "What is the cost of inaction?",
      "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
}