Name: Autodesk Inc. (NASDAQ:ADSK) | Common-Size Income Statement
Creator: Stock Analysis on Net

Common-Size Income Statement

Autodesk Inc., common-size consolidated income statement

12 months ended:	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021	Jan 31, 2020	Jan 31, 2019
Subscription	93.07%	92.93%	94.76%	91.78%	84.05%	70.13%
Maintenance	0.98%	1.30%	1.74%	4.84%	11.81%	24.71%
Subscription and maintenance revenue	94.05%	94.23%	96.50%	96.62%	95.85%	94.85%
Other	5.95%	5.77%	3.50%	3.38%	4.15%	5.15%
Net revenue	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Cost of subscription and maintenance revenue	-6.93%	-6.85%	-6.82%	-6.39%	-6.84%	-8.41%
Cost of other revenue	-1.49%	-1.58%	-1.52%	-1.69%	-2.03%	-2.12%
Amortization of developed technologies	-0.87%	-1.16%	-1.20%	-0.82%	-1.05%	-0.60%
Cost of revenue	-9.30%	-9.59%	-9.54%	-8.89%	-9.92%	-11.13%
Gross profit	90.70%	90.41%	90.46%	91.11%	90.08%	88.87%
Marketing and sales	-33.16%	-34.87%	-37.00%	-38.00%	-40.02%	-46.07%
Research and development	-24.98%	-24.36%	-25.41%	-24.60%	-25.99%	-28.21%
General and administrative	-11.28%	-10.63%	-13.03%	-10.92%	-12.39%	-13.23%
Amortization of purchased intangibles	-0.76%	-0.80%	-0.93%	-0.99%	-1.19%	-0.70%
Restructuring and other exit costs, net	0.00%	0.00%	0.00%	0.00%	-0.02%	-1.63%
Operating expenses	-70.18%	-70.65%	-76.38%	-74.51%	-79.60%	-89.85%
Income (loss) from operations	20.52%	19.76%	14.08%	16.60%	10.48%	-0.97%
Interest and investment income (expense), net	0.47%	-1.42%	-1.48%	-1.35%	-1.65%	-2.03%
Gain on foreign currency	0.18%	0.30%	0.01%	0.09%	0.12%	0.20%
Gain (loss) on strategic investments	-0.58%	0.02%	0.09%	-1.10%	-0.10%	0.49%
Other income	0.07%	0.24%	0.18%	0.18%	0.16%	0.65%
Interest and other income (expense), net	0.15%	-0.86%	-1.21%	-2.17%	-1.47%	-0.69%
Income (loss) before income taxes	20.67%	18.90%	12.87%	14.42%	9.00%	-1.66%
(Provision) benefit for income taxes	-4.18%	-2.46%	-1.54%	17.45%	-2.45%	-1.48%
Net income (loss)	16.48%	16.44%	11.33%	31.88%	6.55%	-3.14%

Based on: 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-01-31).

The financial trajectory over the six-year period reveals a comprehensive transition in the business model and a significant expansion in operational efficiency. The most prominent shift is the migration from traditional maintenance-based revenue to a subscription-dominant model, which has directly contributed to improved operating margins and bottom-line profitability.

Revenue Composition Trends: A decisive shift in revenue streams is observed, as subscription revenue increased from 70.13% of net revenue in 2019 to 93.07% by 2024. This growth was mirrored by a sharp decline in maintenance revenue, which fell from 24.71% to 0.98% over the same period. Total subscription and maintenance revenue remained a dominant force, consistently representing over 94% of total net revenue.
Gross Margin Stability: Gross profit margins remained exceptionally high and stable, fluctuating within a narrow range between 88.87% and 91.11%. The cost of revenue, comprised primarily of subscription and maintenance costs, consistently remained below 10% of net revenue, indicating a highly scalable cost structure relative to revenue growth.
Operating Expense Optimization: Total operating expenses as a percentage of net revenue decreased significantly from 89.85% in 2019 to 70.18% in 2024. The primary driver of this efficiency was the reduction in marketing and sales expenditures, which dropped from 46.07% to 33.16%. Research and development costs remained relatively constant, hovering between 24% and 28%, reflecting a sustained commitment to product innovation.
Operating and Net Income Evolution: Operational profitability experienced a dramatic turnaround, moving from an operating loss of 0.97% in 2019 to an operating income of 20.52% in 2024. Net income followed a similar upward trend, starting at -3.14% and reaching 16.48% by 2024. A notable anomaly occurred in 2021, where net income spiked to 31.88%, largely attributable to a significant tax benefit of 17.45% of net revenue during that fiscal year.
Non-Operating Impact: Interest and investment income/expenses have generally remained low as a percentage of revenue, though a transition from net interest expense to net interest income was observed by 2024 (0.15%). Gains and losses on strategic investments and foreign currency have had a negligible impact on the overall common-size profitability trends.

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