Common-Size Income Statement
Quarterly Data
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- Cash Flow Statement
- Analysis of Solvency Ratios
- Analysis of Geographic Areas
- Enterprise Value to EBITDA (EV/EBITDA)
- 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
- Price to Operating Profit (P/OP) since 2005
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Autodesk Inc., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2024-10-31), 10-Q (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-K (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-Q (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30), 10-K (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-04-30), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-10-31), 10-Q (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30), 10-K (reporting date: 2019-01-31), 10-Q (reporting date: 2018-10-31), 10-Q (reporting date: 2018-07-31), 10-Q (reporting date: 2018-04-30).
- Revenue Composition Trends
- The subscription revenue as a percentage of net revenue shows a consistent upward trend from 62.58% in April 2018 to around 92-95% in recent quarters. Concurrently, maintenance revenue steadily declined from 32.36% to less than 1%, indicating a major shift in revenue mix toward subscriptions. Overall, the combined subscription and maintenance revenue remained dominant, consistently representing over 90% of net revenue.
- Other Revenue
- The "Other" category displayed volatility throughout the periods, fluctuating mostly between 2% and 7% of net revenue. It generally remained a minor contributor relative to subscription and maintenance revenue but showed occasional increases, such as in early 2021 and early 2024 quarters.
- Cost of Revenue
- The cost of subscription and maintenance revenue as a percentage of net revenue slightly decreased from approximately -9% to a range closer to -6.5% over the analyzed period, suggesting improved cost efficiency. Cost efficiency in "Other revenue" remained stable around -1.5%. Amortization of developed technologies fluctuated modestly but generally hovered near -1%. Overall cost of revenue stayed below -10%, marginally improving from earlier quarters, which supported consistent gross profit margins above 88%.
- Gross Profit
- Gross profit as a percentage of net revenue remained robust and relatively stable within the range of 88% to 91%, demonstrating sustained pricing power and effective cost management despite shifts in revenue mix.
- Operating Expenses
- Marketing and sales expenses decreased from nearly half of net revenue (around -49%) in early 2018 to a range between approximately -31% to -35% in recent quarters, reflecting notable efficiency gains. Research and development expenses showed a downward trend from about -31% to around -24%, indicating moderated cost increases relative to net revenue. General and administrative expenses showed variability with an unusual peak around early 2022 (reaching nearly -19%), but generally stayed between -10% and -13%, suggesting fairly stable overhead costs. Amortization of purchased intangibles fluctuated around -1%, with no clear trend. Restructuring and exit costs were present only in early periods and absent thereafter, thus not impacting recent operational cost structures.
- Operating Income
- Income from operations improved significantly from a negative margin of almost -10% in early 2018 to positive margins mostly above 14%, with peaks reaching nearly 24%. This improvement reflects both revenue growth from subscription sources and disciplined control over operating expenses.
- Interest and Other Income/Expense
- This item showed high variability, with notable negative impacts in certain quarters (e.g., Apr 2020 at -4.53%) and occasional positive contributions near or above 1%. The fluctuations indicate episodic non-operating income or expense effects, without a sustained directional trend.
- Income Before Taxes and Tax Provision
- Income before taxes mirrored operating income trends but exhibited greater volatility, ranging from losses in early periods to gains exceeding 22% of net revenue in recent quarters. The tax provision line showed irregular patterns, with some quarters indicating tax benefits (e.g., Jan 2021) and others consistent tax expenses, leading to variable net impacts on profitability.
- Net Income
- Net income transitioned from significant losses in early 2018 to steady positive earnings after mid-2018. It peaked notably in early 2021, partly driven by tax benefits, with net margins exceeding 80% in an outlier quarter likely impacted by non-recurring items. Excluding such anomalies, net income margins have generally stabilized in the range of 10% to 22% of net revenue recently, reflecting strong profitability emerging from the subscription model and controlled expenses.
- Key Insights
- The data reveals a clear strategic transition toward subscription-based revenue, which has become the dominant and more profitable segment. Cost structures have been optimized, particularly in marketing and sales and research and development, enabling significant improvements in operating and net profitability. Occasional volatility in tax provision and interest/other income/expense indicates impacts from non-operating factors or one-time events but does not obscure the overall positive operating performance trend. The company’s ability to maintain high gross margin and convert revenue growth into net earnings indicates a resilient and scalable business model.