SAN FRANCISCO, June 17, 2024 /PRNewswire/ — Today, Autodesk, Inc. (NASDAQ: ADSK) released the following statement in response to a recent letter from Starboard Value LP addressed to its shareholders:
The Board of Directors at Autodesk maintains an open line of communication with our shareholders and values feedback on our operations, including input from Starboard, with whom we’ve been engaging constructively since their initial contact in early June. Our Board and management team continuously assess ways to boost long-term shareholder value and will thoroughly examine Starboard's letter.
Following standard market practices, Autodesk’s bylaws allow shareholders to submit proposals and nominate directors during a specific period prior to the annual meeting. This year's submission window closed on March 23, 2024, and we did not receive any proposals or director nominations. Starboard is attempting to reopen this submission period using a concluded internal investigation that didn’t result in any financial restatements. After reviewing Starboard's request, the Board concluded that reopening the submission period wouldn't benefit Autodesk or its shareholders. We remain confident in our decision and the process followed by the Board, and we look forward to proceeding with the annual meeting as planned on July 16, 2024.
Autodesk has a clear strategy that is delivering results. We’re investing heavily in cloud, platform, and AI technologies to provide increasingly valuable and interconnected solutions to our customers. Additionally, we're modernizing our go-to-market approach to build stronger, more direct relationships with our clients while enhancing efficiency. Our platform transformation aims to empower a broader ecosystem of customers and developers, driving greater engineering speed and operational efficiency. We’re managing our capital prudently to support these initiatives and maximize long-term shareholder returns. We believe these enhancements will further boost operational efficiency and deliver sustainable value to our shareholders over the coming years.
Recently, Autodesk reported a strong start to fiscal 2025, with revenue growing 13% year-over-year at constant currency due to robust demand for our products and services. Our performance was bolstered by steady renewal rates and momentum in new business growth and key performance indicators. We’re well-positioned to meet our yearly targets and continue balancing compound revenue growth with strong free cash flow margins under our rule-of-40 framework, aiming for 45% or higher over time.
About Autodesk:
The world's designers, engineers, builders, and creators rely on Autodesk to bring their visions to life. From the structures we inhabit and work in, to the vehicles we drive and the infrastructure we depend on, Autodesk empowers innovation across industries. Our Design and Make Platform leverages data to accelerate insights and automate processes, enabling our customers to create transformative solutions for their businesses and the planet. For more details, visit autodesk.com or follow @autodesk. #MakeAnything
Autodesk is a registered trademark of Autodesk, Inc., and/or its subsidiaries and/or affiliates in the USA and/or other countries. All other brand names, product names, or trademarks belong to their respective owners. Autodesk reserves the right to modify product and service offerings, specifications, and pricing without prior notice and is not responsible for typographical or graphical errors in this document.
Forward-Looking Statements:
This press release includes forward-looking statements that involve risks and uncertainties, including quotes from management, statements about short-term and long-term objectives, strategies, market positions, performance, and results, and all statements not rooted in historical facts. Numerous factors could cause actual results to differ significantly from those mentioned, including but not limited to: risks associated with developing and introducing new products and services, transitioning to platforms and capabilities; global economic and political conditions, such as shifts in monetary and fiscal policies, foreign exchange challenges, supply chain disruptions, inflationary pressures, and hiring conditions; geopolitical tensions, extreme weather events, and the lingering effects of the COVID-19 pandemic; costs and challenges tied to strategic acquisitions and investments; our ability to successfully implement and expand our transaction model; dependence on international revenue and operations, exposing us to significant regulatory, economic, intellectual property, collections, currency exchange rate, taxation, political, and other risks, particularly those related to the conflict in Ukraine and our withdrawal from Russia and the ongoing Israel-Hamas conflict; unpredictability of subscription renewal rates and their impact on future revenue and operating results; intense competition and rapid technological advancements; fluctuations in financial and operational metrics; our shift from upfront billing to annual billing for multi-year contracts; heavy reliance on a few key solutions, especially AutoCAD-based products; potential failures in executing and managing initiatives to restructure or introduce new business and sales models, including our new transaction model for Flex; shortfalls in net revenue, billings, earnings, cash flow, or new and existing subscriptions; ethical concerns surrounding the use of artificial intelligence in our offerings; maintaining security standards that meet customer expectations, along with the resources and costs needed to prevent unexpected downtime and address performance degradation and security breaches; security incidents or other disruptions affecting the integrity of our or our customers' offerings, services, data, or intellectual property; reliance on third-party providers for critical operational and technical services and software; the complexity of our software, which may contain undetected errors, defects, or vulnerabilities; increasing regulatory scrutiny of privacy matters and expanding laws; governmental export and import controls that might hinder our international competitiveness or expose us to liability if violated; protecting our intellectual property rights and defending against infringement claims; the government procurement process; currency exchange rate fluctuations; our debt obligations; and the performance of our diverse investment portfolio, which is subject to interest rate trends, market volatility, and other economic factors. Our tax rate estimates are based on current tax laws, including interpretations of the Tax Cuts and Jobs Act, and could be impacted by changing interpretations of that Act, as well as additional legislation and guidance surrounding it.
For further details on potential factors influencing Autodesk's financial results, please refer to our Form 10-K and subsequent Forms 10-Q, filed with the U.S. Securities and Exchange Commission. Autodesk does not undertake any obligation to update these forward-looking statements to reflect events occurring or circumstances existing after the date they were made.
SOURCE: Autodesk, Inc.
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