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  "docSlug": "ef15bd43a40a",
  "documentTitle": "Autodesk, Inc. (ADSK)",
  "authorId": "03_Starboard_Value",
  "authorName": "Jeffrey Smith",
  "documentKindSlug": "shareholder-letter",
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  "presentationDate": "2025-03-26 00:00:00",
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  "notes": "Includes a chart excerpt from Autodesk's 10-K to illustrate underperformance relative to peers.",
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      "text": "In order to make this claim, the Company is relying on two rather questionable addbacks. First, the Company is adding back multiple years of cumulative foreign exchange (“FX”) impacts and, second, the Company is adding back the impact from the ongoing transition to a new transaction model.",
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      "kind": "chart",
      "text": "Comparison of Five Year Cumulative Total Stockholder Return",
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      "kind": "metric",
      "text": "non-GAAP operating margin: 39%",
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      "text": "At its most recent Investor Day, held in March 2023, Autodesk set a non-GAAP operating margin target of 38% to 40% by FY2026. Despite reporting FY2025 non-GAAP operating margins of 36%, the Company is now attempting to claim it achieved this target.",
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      "kind": "paragraph",
      "text": "We believe it is clear that the Company is attempting to cherry-pick data to drive a narrative rather than accepting responsibility for poor historical performance.",
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      "text": "Excerpt From Autodesk FY2025 Form 10-K",
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      "text": "Autodesk Is Expected to Fall Short of Its 2023 Investor Day Targets",
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