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  "documentTitle": "Autodesk, Inc. (ADSK)",
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  "authorName": "Jeffrey Smith",
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      "text": "However, in order for shareholders to have confidence that this potential for improved performance can be realized, we must first have faith that the Company is operating and communicating with integrity and transparency.",
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      "text": "As shareholders, we are all aligned with a common goal of seeing Autodesk improve its financial performance and realize its immense potential.",
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      "kind": "paragraph",
      "text": "As such, on March 20, 2025, we nominated three highly-qualified individuals for election at the 2025 Annual Meeting: Geoff Ribar, Christie Simons, and Jeff Smith.",
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      "text": "As Steve said at Investor Day, we introduced a new transaction model for Flex... In the near term, the new transaction model results in a shift from contra revenue to operating costs...",
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      "text": "As Steve said at Investor Day, we introduced a new transaction model for Flex, which gives Autodesk a more direct relationship with its customers and more closely integrates with its channel partners. We began testing the new transaction model across our product suite in Australia a couple of weeks ago. Assuming the launch proceeds as expected, in fiscal '25 and '26, we intend to transition our indirect business to the new transaction model in all our major markets globally. In the new transaction model, partners provide a quote to customers but the actual transaction happens directly between Autodesk and the customer... In the near term, the new transaction model results in a shift from contra revenue to operating costs that provide a tailwind to revenue growth, while being broadly neutral to operating profit and free cash flow dollars, and mechanically result in percent operating margins taking a step or 2 backwards. Over the long term, optimization enabled by this transition will provide a tailwind to revenue, operating income and free cash flow dollars, even after the cost of setting up our building platform. — Andrew Anagnost, CEO, November 21, 2023",
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