Stock Analysis on Net

Autodesk Inc. (NASDAQ:ADSK)

This company has been moved to the archive! The financial data has not been updated since December 3, 2024.

Income Statement 
Quarterly Data

Autodesk Inc., consolidated income statement (quarterly data)

US$ in millions

Microsoft Excel
3 months ended: Oct 31, 2024 Jul 31, 2024 Apr 30, 2024 Jan 31, 2024 Oct 31, 2023 Jul 31, 2023 Apr 30, 2023 Jan 31, 2023 Oct 31, 2022 Jul 31, 2022 Apr 30, 2022 Jan 31, 2022 Oct 31, 2021 Jul 31, 2021 Apr 30, 2021 Jan 31, 2021 Oct 31, 2020 Jul 31, 2020 Apr 30, 2020 Jan 31, 2020 Oct 31, 2019 Jul 31, 2019 Apr 30, 2019 Jan 31, 2019 Oct 31, 2018 Jul 31, 2018 Apr 30, 2018
Subscription 1,457 1,408 1,330 1,339 1,314 1,270 1,193 1,214 1,188 1,160 1,089 1,122 1,071 1,017 948 950 884 841 803 777 715 664 596 550 481 421 350
Maintenance 9 11 11 14 12 14 14 14 16 17 18 23 18 17 19 30 40 51 62 80 91 104 112 137 150 166 181
Subscription and maintenance revenue 1,466 1,419 1,341 1,353 1,326 1,284 1,207 1,228 1,204 1,177 1,107 1,144 1,088 1,034 967 981 924 892 865 857 806 767 708 687 631 587 532
Other 104 86 76 116 88 61 62 90 76 60 63 67 38 26 23 59 28 21 21 42 37 30 28 50 30 25 28
Net revenue 1,570 1,505 1,417 1,469 1,414 1,345 1,269 1,318 1,280 1,237 1,170 1,212 1,126 1,060 989 1,039 952 913 886 899 843 797 736 737 661 612 560
Cost of subscription and maintenance revenue (105) (100) (100) (96) (94) (95) (96) (90) (86) (83) (84) (80) (75) (76) (69) (66) (61) (59) (57) (57) (54) (53) (60) (57) (55) (54) (50)
Cost of other revenue (19) (18) (20) (20) (21) (21) (20) (20) (19) (21) (19) (19) (18) (16) (14) (17) (15) (15) (17) (18) (17) (18) (14) (15) (14) (12) (13)
Amortization of developed technologies (23) (22) (17) (14) (12) (11) (11) (14) (15) (15) (14) (14) (15) (14) (10) (9) (8) (7) (7) (8) (8) (9) (9) (5) (4) (3) (4)
Cost of revenue (147) (140) (137) (130) (127) (127) (127) (124) (120) (119) (117) (113) (107) (105) (93) (91) (84) (81) (82) (83) (80) (80) (83) (77) (72) (70) (67)
Gross profit 1,423 1,365 1,280 1,339 1,287 1,218 1,142 1,194 1,160 1,118 1,053 1,098 1,019 954 897 949 869 832 804 816 763 717 653 660 589 542 493
Marketing and sales (525) (480) (469) (479) (439) (449) (456) (439) (454) (433) (419) (428) (419) (399) (377) (389) (359) (351) (341) (350) (331) (317) (313) (321) (298) (289) (276)
Research and development (378) (368) (346) (352) (339) (355) (327) (313) (311) (306) (289) (290) (282) (277) (266) (250) (233) (233) (217) (217) (213) (215) (206) (190) (181) (181) (173)
General and administrative (161) (161) (155) (182) (165) (141) (132) (155) (129) (128) (120) (228) (113) (119) (112) (117) (99) (93) (105) (106) (99) (101) (99) (101) (87) (79) (73)
Amortization of purchased intangibles (13) (13) (11) (11) (10) (11) (10) (10) (10) (9) (11) (10) (11) (11) (8) (9) (10) (10) (10) (10) (10) (10) (10) (6) (4) (4) (4)
Restructuring and other exit costs, net (2) (4) (14) (23)
Operating expenses (1,077) (1,022) (981) (1,024) (953) (956) (925) (917) (904) (876) (839) (956) (825) (806) (763) (764) (701) (686) (673) (682) (653) (644) (628) (620) (574) (567) (548)
Income (loss) from operations 346 343 299 315 334 262 217 277 256 242 214 142 193 148 134 184 168 146 131 134 111 74 25 40 15 (25) (55)
Interest and other income (expense), net 5 9 10 22 (14) (4) 4 (14) (10) (19) (35) (6) (9) (2) (13) (12) (17) (40) (11) (14) (7) (16) (7) (3) 1 (9)
Income (loss) before income taxes 351 352 309 337 320 258 221 277 242 232 195 107 187 139 131 171 156 129 91 123 96 67 9 33 12 (23) (64)
(Provision) benefit for income taxes (76) (70) (57) (55) (79) (36) (60) 16 (44) (46) (49) (18) (51) (23) 24 740 (24) (31) (24) 9 (30) (26) (33) 32 (35) (16) (19)
Net income (loss) 275 282 252 282 241 222 161 293 198 186 146 89 137 116 156 911 132 98 67 132 67 40 (24) 65 (24) (39) (82)

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).


Subscription and Maintenance Revenue
Subscription revenue exhibited a consistent upward trend from April 2018 to July 2024, increasing from $350 million to $1,457 million. Maintenance revenue showed a steady decline over the same period, dropping from $181 million to $9 million, reflecting a strategic shift from maintenance to subscription-based revenue streams. Combined subscription and maintenance revenue increased overall, indicating growth in recurring revenues despite the decline in maintenance.
Other Revenue
Other revenue displayed variability throughout the periods, with intervals of increases often followed by declines. Notable peaks occurred around January 2021 and January 2024, indicating occasional rises in non-subscription and maintenance revenues contributing to net revenue growth.
Net Revenue
Net revenue generally trended upward from $560 million in April 2018 to a peak of $1,570 million by July 2024, with minor short-term fluctuations. This growth was primarily driven by increasing subscription revenues, offsetting the decline in maintenance revenue. The company's revenue diversification through other revenue streams contributed intermittently to net revenue.
Cost of Revenue and Gross Profit
Total cost of revenue grew gradually from $67 million in April 2018 to $147 million in October 2024. Cost of subscription and maintenance revenue accounted for the largest portion, increasing moderately but controlled relative to higher subscription revenues. Amortization of developed technologies increased over time, indicating rising capitalized technology costs. Gross profit followed net revenue trends, increasing from $493 million to $1,423 million, though fluctuations occurred likely reflecting operational cost management challenges.
Operating Expenses
Marketing and sales expenses steadily increased from $276 million to $525 million, reflecting ongoing investment in customer acquisition and retention. Research and development costs also rose from $173 million to $378 million, indicating a strong commitment to innovation and product development. General and administrative expenses showed an upward trend post-2020, including a notable spike in January 2022, which may relate to organizational restructuring or increased overheads. Overall, operating expenses increased, consistent with the company’s expansion strategy.
Profitability Metrics
Income from operations improved from a loss of $55 million in April 2018 to positive income exceeding $300 million from late 2022 onward, demonstrating operational profitability improvement. Income before income taxes followed a similar trajectory, becoming positive from October 2018 and increasing to over $350 million by mid-2024. Provision for income taxes showed considerable variability, with occasional large benefits and provisions indicating tax strategy adjustments or volatile tax expense recognition. Net income reflected this pattern, turning positive from January 2019 and showing significant growth, including spikes in January 2021 and continuing robust profitability through mid-2024.
Summary
The data reveals a successful strategic transition toward subscription-based revenue with consistent growth, offset by declining maintenance revenues. Cost management appears effective relative to revenue growth, supporting gross profit increase. Growing investments in sales, marketing, and research align with expansion goals but impact operating expenses. Profitability metrics confirm improvement from losses to sustainable profits, although tax provisions add periodic volatility. Overall, the financial trends suggest strengthening financial health, driven by subscription growth and controlled cost escalation.