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  "documentTitle": "Autodesk, Inc. (ADSK)",
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  "notes": "Uses a simple arithmetic bridge to demonstrate margin efficiency.",
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      "text": "As revenue growth slowed, Autodesk's incremental margins declined to 50% – below prior levels and below the 55% incremental margins we believe Autodesk should target",
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      "text": "incremental margin: 50%",
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      "text": "Source: Public company filings.",
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      "text": "FY2021 to FY2024 revenue and operating profit bridge showing 50% incremental margin",
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      "text": "However, as Revenue Growth Slowed, Autodesk's Incremental Margins Declined From Prior Levels",
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