Autodesk, Inc. (ADSK) as of January 31, 2026 carries a deeply negative liquidation recovery posture, consistent with MFFAIS-reported CLV of approximately -$6.3B. The balance sheet is dominated by intangible and goodwill assets that receive zero recovery under the liquidation lens, while liabilities are carried at face value. Total assets of $12.5B are heavily skewed toward non-recoverable items: goodwill of $4.3B (zero recovery), net finite-lived intangibles of $467M (zero recovery), capitalized contract costs of $913M (zero recovery as these extinguish on wind-down), and deferred tax assets of $842M (zero recovery in liquidation). Tangible recoverable assets are limited: cash/cash equivalents of $2.25B (100% recovery), net accounts receivable of $1.44B (90-95% recovery, ~$1.3-1.4B), and marketable securities of $724M combined current/noncurrent (near-100% if liquid). PP&E is minimal at roughly $230M gross pre-depreciation net of $483M accumulated depreciation, yielding modest liquidation value at 50-70% of net book. On the liability side, total liabilities are substantial: current liabilities of $5.8B include deferred revenue (ContractWithCustomerLiabilityCurrent) of $4.4B which does not extinguish and represents a real cash obligation on wind-down, plus accrued compensation of $659M. Long-term debt stands at $2.5B face value. Noncurrent deferred revenue adds $287M. The January 2026 restructuring plan has added $100M accrued liability (mostly in accrued compensation) with total expected charges of $135-160M, further increasing the liability stack while the associated asset base provides no incremental recovery. Since the prior 10-Q (period ended October 31, 2025), the January 2026 Plan is a material new development — the 7% workforce reduction and facility reductions introduced $197M in restructuring charges in FY2026 alone, converting future operating costs into current balance sheet liabilities. The deferred revenue overhang remains the single largest structural driver of negative liquidation recovery: $4.7B aggregate at face value represents a pre-paid services obligation that would need to be refunded or performed in full wind-down. Overall liquidation value is deeply negative; no equity recovery is present.
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