Starboard Issues Presentation Highlighting Significant Issues at Autodesk and Opportunities for Meaningful Value Creation

Details the Urgent Need for Change Following Seven Years of Sustained Share Price Underperformance, Missed Targets, and Subpar Profitability Under CEO Andrew Anagnost

Outlines Board’s Failure to Instill Accountability, Appropriate Budgeting Standards, and Compensation Programs that Are Aligned with Shareholder Outcomes

Notes Steps Autodesk’s Board and Management Should Take to Improve Accountability, Governance, Operational and Financial Performance, and Capital Allocation

Urges the Board to Take Action for the Benefit of Autodesk, Its Employees, and Its Shareholders

NEW YORK--(BUSINESS WIRE)--Starboard Value LP (together with its affiliates, “Starboard” or “we”), a significant shareholder of Autodesk, Inc. (Nasdaq: ADSK) (“Autodesk” or the “Company”), today released a presentation that details the urgent need to improve the Company’s lagging governance, operations, and financial performance. The presentation, a similar version of which was previously delivered to Autodesk’s Board of Directors (the “Board”), highlights that shareholders have endured seven years of missed financial targets, subpar profitability, and sustained share price underperformance under Chief Executive Officer Andrew Anagnost. The Board has failed to hold management accountable for this disappointing performance. In light of these disappointing results, Starboard has urged the Board to immediately focus on value-enhancing opportunities that include:

1. Re-evaluating the CEO – Autodesk’s Board must objectively assess Mr. Anagnost’s performance as CEO and determine whether he is the best choice to continue to lead the Company.
2. Expanding Operating Margins – Autodesk should right-size its cost structure to drive improved profitability. We believe Autodesk can improve operating margins by 1,000bps or more on a like-for-like basis.
3. Improving Budgeting – Autodesk’s Board must ensure its budgets are adequately rigorous and embed significant operating leverage that results from realizing appropriate incremental margins.
4. Overhauling Compensation Practices – Autodesk should ensure executive compensation is tied to shareholder value creation. The Company must end its practice of setting annual targets for long-term executive compensation plans, a practice which has enabled compensation targets to be set below the multi-year targets that have been presented to investors.

To see Starboard’s complete analysis and recommendations pertaining to Autodesk, review the full presentation here: https://www.starboardvalue.com/presentations.

About Starboard Value LP

Starboard Value LP is an investment adviser with a focused and differentiated fundamental approach to investing in publicly traded companies. Starboard invests in deeply undervalued companies and actively engages with management teams and boards of directors to identify and execute on opportunities to unlock value for the benefit of all shareholders.