Autodesk, Inc. · ADSK

Autodesk's Board misled shareholders on free cash flow and ran out the nomination clock; reopen the vote, refresh directors, and fix margins to close the peer gap.

Autodesk is a high-quality monopoly hobbled by board complacency and misleading billings disclosures; transparency, accountability, and a 1,000 bps margin fix unlock material upside.

Autodesk's Board tolerated years of underperformance and misleading billings disclosures; accountability, transparency, and a 1,000+ bps margin improvement can restore a best-in-class software franchise.

Autodesk's premier software franchise is squandered under CEO Anagnost — peer-lagging margins, missed Investor Day targets and manipulated billings demand a Board-led overhaul to unlock 45% operating margins.

Autodesk's premier 93%-gross-margin software franchise is squandered under CEO Anagnost; Starboard demands cost cuts, compensation overhaul, buybacks and CEO re-evaluation to reach 45%+ margins and ~$15.50 FCF/share by FY2027.

Autodesk has best-in-class 93% gross margins but bloated opex; disciplined cost cuts plus 55% incremental margins can lift adjusted operating margins to ~45% by FY2028.

Autodesk's long-term share price and margin underperformance reflects a board incapable of holding management accountable; electing Starboard's three nominees installs oversight needed to drive non-GAAP operating margins to 41-42% by FY2028.