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  "documentTitle": "Autodesk, Inc. (ADSK)",
  "authorId": "03_Starboard_Value",
  "authorName": "Jeffrey Smith",
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  "presentationDate": "2024-06-25 00:00:00",
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  "notes": "The slide argues that Autodesk's valuation discount is a result of poor performance and governance issues, specifically citing misleading billings practices.",
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      "text": "Bar chart showing EV/EBITDA multiples for ADSK and 11 peers.",
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      "text": "Following the Investigation, it is now clear that Autodesk's actual billings practices were the opposite of what it had communicated...",
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      "text": "As the Board is well aware, as early as FY2018, the Company began transitioning large enterprise customers...",
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      "text": "Source: Capital IQ, Bloomberg. Market data as of June 14, 2024.",
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      "text": "Enterprise Value/ CY2025E EBITDA",
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