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  "docSlug": "0fcb224452a8",
  "documentTitle": "Autodesk, Inc. (ADSK)",
  "authorId": "03_Starboard_Value",
  "authorName": "Jeffrey Smith",
  "documentKindSlug": "shareholder-letter",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2024-06-25 00:00:00",
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  "notes": "The slide uses a combination of a peer benchmark chart and a 'missed targets' comparison table to build a case for operational inefficiency.",
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      "kind": "chart",
      "text": "Investor Day Targets vs. Actual Results",
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      "kind": "chart",
      "text": "CY2025E Operating Expenses as a Percentage of Revenue",
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      "kind": "paragraph",
      "text": "As we have previously written, we believe Autodesk can significantly improve its combination of growth and profitability through substantial margin improvement.",
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      "text": "We believe Autodesk can significantly reduce expenses in multiple cost centers and drive improved operating leverage to generate significant margin expansion.",
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      "kind": "source-note",
      "text": "Source: Capital IQ, Bloomberg. Market data as of June 24, 2024.",
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      "kind": "source-note",
      "text": "Reflects margin improvement on a like-for-like basis (i.e., excluding the impact of the announced agency model transition).",
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