Common-Size Income Statement
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- Cash Flow Statement
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- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Debt to Equity since 2005
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Autodesk Inc., common-size consolidated income statement
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).
- Revenue Composition and Trends
- The proportion of net revenue derived from subscriptions has shown a consistent and notable increase from 70.13% in 2019 to approximately 93% in 2024, indicating a significant shift towards recurring revenue streams. Conversely, maintenance revenue has declined sharply over the same period, from 24.71% to under 1%, reflecting a strategic move away from traditional maintenance services. Combined, subscription and maintenance revenue have remained a dominant component, consistently representing over 94% of net revenue, although with a slight decline from a peak of 96.62% in 2021. Revenue from other sources has generally remained low but has experienced a slight uptick starting in 2022, reaching nearly 6% by 2024.
- Cost of Revenue and Profitability
- The total cost of revenue as a percentage of net revenue has decreased overall, with cost of subscription and maintenance revenue reducing from -8.41% in 2019 to about -6.93% in 2024. Cost of other revenue has also declined modestly, contributing to a more efficient cost structure. Amortization of developed technologies has fluctuated but shows a slight decrease towards 2024. Gross profit margins have improved slightly from 88.87% in 2019 to 90.7% in 2024, reflecting enhanced operational efficiency and favorable revenue mix.
- Operating Expenses
- Marketing and sales expenses have demonstrated a steady downward trend relative to net revenue, decreasing from 46.07% in 2019 to 33.16% in 2024, indicating improved sales efficiency or cost control. Research and development expenses also fell from 28.21% to around 25%, with some variation, suggesting sustained investment in innovation but with moderate expense management. General and administrative costs have decreased from 13.23% to just above 11%, showing consistent focus on overhead control. Overall, total operating expenses have declined significantly from nearly 90% to just over 70% of net revenue, contributing positively to operating leverage.
- Operating Income and Profitability Metrics
- Income from operations has experienced marked improvement, shifting from a slight loss of -0.97% in 2019 to a positive and increasing margin of 20.52% in 2024. This progression reflects the combined effects of revenue mix optimization, cost control, and expense management. Income before income taxes has similarly increased, reaching 20.67% in 2024, indicating strong pre-tax profitability improvements over the period analyzed.
- Non-Operating Income and Expenses
- Net interest and investment income (expense) showed an improving trend, moving from a negative -2.03% in 2019 to a positive contribution of 0.47% in 2024, highlighting better financial income management or reduced interest expenses. Gains or losses from foreign currency and strategic investments have been relatively minor and inconsistent, with strategic investment gains turning negative in 2024. Other income remains modest and stable.
- Tax Provision and Net Income
- The provision for income taxes shows volatility, including notable fluctuations such as a significant benefit recorded in 2021. This volatility impacts net income margins, which have generally improved from negative territory in 2019 (-3.14%) to over 16% by 2023 and 2024. Although net income as a percentage of net revenue dipped in 2022 compared to 2021, the overall trend across the six-year period reflects enhanced profitability and financial health.