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  "documentTitle": "Autodesk, Inc. (ADSK)",
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  "presentationDate": "2024-08-01 00:00:00",
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  "notes": "The slide uses a 'Change' column to highlight the delta between FY2024 and FY2027E, framing the 36% incremental margin as a failure to improve profitability.",
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      "kind": "callout",
      "text": "36% incremental margins are not acceptable and not fully explained by the agency transition. We believe Autodesk should target 55% incremental margins.",
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      "text": "incremental margin: 36%",
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      "kind": "source-note",
      "text": "Source: Public company filings and Capital IQ. Market data as of July 29, 2024.",
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      "text": "Looking Forward, Incremental Margins Are Expected to Further Deteriorate",
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