SAN FRANCISCO, June 17, 2024 /PRNewswire/ — Autodesk, Inc. (NASDAQ: ADSK) today released the following statement in response to a letter from Starboard Value LP addressed to its shareholders:
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The Board of Directors at Autodesk has always maintained an open line of communication with our shareholders. We welcome constructive feedback on our business operations, including input from Starboard, with whom we’ve been engaging in good faith discussions since they initially reached out in early June. Both the Board and our management team consistently evaluate ways to enhance long-term shareholder value, and we will thoroughly review Starboard’s recent letter.
In line with standard industry practices, Autodesk's bylaws include a designated period before each annual meeting where shareholders can submit proposals and nominate directors. This period concluded on March 23, 2024, and no proposals or director nominations were received. Starboard is attempting to revisit this closed period under the guise of an internal investigation that concluded without any financial restatements. After careful consideration, the Board decided reopening the advance notice period would not serve the best interests of Autodesk or its shareholders. We remain confident in our decision-making process and are proceeding with the planned annual meeting on July 16, 2024.
Autodesk has a clear, effective strategy in place that is delivering results. Through our investments in cloud technology, platforms, and AI, we’re offering increasingly valuable and interconnected solutions to our customers. Additionally, we’re modernizing our go-to-market strategy to build stronger, more direct relationships with clients while improving operational efficiency. By transforming our platform, we aim to boost engineering velocity and support a larger ecosystem of customers and developers. With disciplined capital deployment, we’re committed to supporting these initiatives and maximizing long-term shareholder returns. We believe these advancements will drive operational efficiency across the company and generate sustainable value for shareholders over many years.
Recently, Autodesk reported a strong start to fiscal 2025, with year-over-year revenue growth of 13% at constant currency, driven by robust demand for our products and services. This performance was supported by consistent renewal rates and growing momentum in new business development. Key performance indicators remained positive, positioning us well to meet our annual targets. We continue to manage our business using a rule-of-40 framework, balancing revenue growth with strong free cash flow margins, aiming for 45% or higher over time.
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**About Autodesk**
The world’s designers, engineers, builders, and creators trust Autodesk to help them design and make anything—from the buildings we live and work in, to the cars we drive and the bridges we cross. From the products we use daily to the movies and games that inspire us, Autodesk’s Design and Make Platform leverages data to accelerate insights and automate processes, empowering customers with the tools to shape the world around us and deliver better outcomes for their businesses and the planet. To learn more, visit [autodesk.com](https://www.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.
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**Forward-Looking Statements**
This press release includes forward-looking statements that involve risks and uncertainties. These include quotes from management, statements about short-term and long-term goals, strategies, market positions, performance, and results, and all statements that aren’t historical facts. A number of factors could cause actual results to differ significantly from those mentioned here, including but not limited to:
- Our strategy to develop and introduce new products and services, moving toward platforms and capabilities, exposes us to risks like limited customer adoption (both new and existing), costs tied to product defects, and significant expenditures.
- Global economic and political conditions, including monetary and fiscal policy changes, foreign exchange challenges, recession concerns, supply chain disruptions, inflationary pressures, and hiring conditions.
- Geopolitical tensions, armed conflicts, extreme weather events, and the ongoing impact of the COVID-19 pandemic.
- Costs and challenges related to strategic acquisitions and investments.
- Our ability to implement and expand transaction models effectively.
- Dependence on international revenue and operations, exposing us to regulatory, economic, intellectual property, collection, currency exchange rate, taxation, political, and other risks, including those tied to the war in Ukraine and our withdrawal from Russia, as well as the current conflict between Israel and Hamas.
- Predicting subscription renewal rates and their impact on future revenue and operating results.
- Existing and emerging competition, along with rapid technological changes.
- Fluctuations in financial results, key metrics, and other operating data.
- Transitioning from upfront billing to annual billing for multi-year contracts.
- Revenue concentration among a few key solutions, particularly AutoCAD-based software products and collections.
- Failure to execute or manage initiatives to realign or introduce new business and sales strategies, including our Flex transaction model.
- Shortfalls in net revenue, billings, earnings, cash flow, or new and existing subscriptions.
- Ethical and social considerations regarding the use of artificial intelligence in our offerings.
- Maintaining security standards and service performance expectations while managing costs and avoiding unexpected downtime or breaches.
- Security incidents or other disruptions affecting the integrity of our offerings, services, data, or intellectual property.
- Reliance on third-party providers for critical operational and technical services.
- Complexities in our software, which may contain undetected errors, defects, or vulnerabilities.
- Increasing regulatory scrutiny of privacy issues and evolving laws.
- Governmental export and import controls impacting international competitiveness and potential liability.
- Protecting intellectual property rights and addressing infringement claims.
- Fluctuations in currency exchange rates.
- Debt service obligations.
- Performance of our investment portfolio amid interest rate trends, market volatility, and economic factors.
Our tax rate estimates are based on current tax law, including interpretations of the Tax Cuts and Jobs Act, and could change due to revised interpretations of the Act, as well as additional legislation or guidance surrounding it.
For further details on factors potentially affecting Autodesk’s financial results, refer to our Form 10-K and subsequent Forms 10-Q, available via the U.S. Securities and Exchange Commission. We do not undertake any obligation to update these forward-looking statements to reflect events or circumstances occurring after their issuance.
SOURCE: Autodesk, Inc.
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