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

Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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Autodesk Inc., consolidated income statement

US$ in millions

12 months ended:	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021	Jan 31, 2020	Jan 31, 2019
Subscription	5,116)	4,651)	4,156)	3,479)	2,752)	1,802)
Maintenance	54)	65)	76)	183)	387)	635)
Subscription and maintenance revenue	5,170)	4,716)	4,233)	3,662)	3,139)	2,437)
Other	327)	289)	154)	128)	136)	132)
Net revenue	5,497)	5,005)	4,386)	3,790)	3,274)	2,570)
Cost of subscription and maintenance revenue	(381)	(343)	(299)	(242)	(224)	(216)
Cost of other revenue	(82)	(79)	(67)	(64)	(67)	(54)
Amortization of developed technologies	(48)	(58)	(53)	(31)	(35)	(16)
Cost of revenue	(511)	(480)	(419)	(337)	(325)	(286)
Gross profit	4,986)	4,525)	3,968)	3,453)	2,949)	2,284)
Marketing and sales	(1,823)	(1,745)	(1,623)	(1,440)	(1,310)	(1,184)
Research and development	(1,373)	(1,219)	(1,115)	(933)	(851)	(725)
General and administrative	(620)	(532)	(572)	(414)	(406)	(340)
Amortization of purchased intangibles	(42)	(40)	(41)	(38)	(39)	(18)
Restructuring and other exit costs, net	—)	—)	—)	—)	(1)	(42)
Operating expenses	(3,858)	(3,536)	(3,350)	(2,824)	(2,606)	(2,309)
Income (loss) from operations	1,128)	989)	618)	629)	343)	(25)
Interest and investment income (expense), net	26)	(71)	(65)	(51)	(54)	(52)
Gain on foreign currency	10)	15)	—)	4)	4)	5)
Gain (loss) on strategic investments	(32)	1)	4)	(42)	(3)	13)
Other income	4)	12)	8)	7)	5)	17)
Interest and other income (expense), net	8)	(43)	(53)	(82)	(48)	(18)
Income (loss) before income taxes	1,136)	946)	565)	547)	295)	(43)
(Provision) benefit for income taxes	(230)	(123)	(68)	662)	(80)	(38)
Net income (loss)	906)	823)	497)	1,208)	215)	(81)

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).

Net revenue exhibits a consistent upward trajectory, increasing from 2,570 million US dollars in 2019 to 5,497 million US dollars in 2024. This growth is characterized by a fundamental shift in the business model, transitioning from legacy maintenance contracts toward a subscription-based recurring revenue stream.

Revenue Composition and Model Transition: A decisive migration from maintenance to subscription revenue is observed. Subscription revenue grew from 1,802 million US dollars in 2019 to 5,116 million US dollars in 2024, representing the primary driver of top-line expansion. Conversely, maintenance revenue declined precipitously from 635 million US dollars to 54 million US dollars over the same period, indicating the near-complete phase-out of legacy payment structures.
Gross Profitability and Margin Performance: Gross profit increased steadily from 2,284 million US dollars in 2019 to 4,986 million US dollars in 2024. The cost of revenue grew at a slower pace than net revenue, resulting in an expansion of the gross margin. This suggests high scalability in the delivery of subscription services and efficient management of the cost of goods sold.
Operating Expense Trends: Operating expenses grew from 2,309 million US dollars in 2019 to 3,858 million US dollars in 2024. Research and development spending showed the most significant acceleration, nearly doubling from 725 million US dollars to 1,373 million US dollars, reflecting a heavy investment in product innovation. Marketing and sales expenses also trended upward, increasing from 1,184 million US dollars to 1,823 million US dollars, while general and administrative costs saw a rise from 340 million US dollars to 620 million US dollars.
Operational and Net Profitability: Income from operations shifted from a loss of 25 million US dollars in 2019 to a profit of 1,128 million US dollars in 2024, demonstrating significant operating leverage as revenue growth outpaced the increase in operating expenses. Net income exhibited higher volatility, notably spiking to 1,208 million US dollars in 2021 due to a substantial tax benefit of 662 million US dollars, before stabilizing at 906 million US dollars by 2024.
Non-Operating Items and Financial Health: Interest and investment income shifted from a net expense position between 2019 and 2023 to a net gain of 26 million US dollars in 2024. Gains or losses on strategic investments have been inconsistent, with a notable loss of 32 million US dollars recorded in 2024, though these items remained immaterial relative to the overall scale of operating income.

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