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  "documentTitle": "Autodesk, Inc. (ADSK)",
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  "notes": "The slide uses a dual-line chart to demonstrate the inverse relationship between growth and margin efficiency, contrasting historical performance with consensus estimates.",
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      "text": "Incremental margins are expected to be BELOW Autodesk's adj. operating margin targets!",
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      "text": "As growth slows, companies should moderate expense growth such that margins improve and the combination of growth + profitability improves over time – Autodesk has been doing the opposite",
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      "text": "incremental operating margin: 39%",
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      "text": "As growth has slowed, Autodesk has not appropriately managed its spend, and the Company is expected to generate incremental operating margins well below historical levels over the next few years.",
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      "text": "As growth slows, companies should moderate expense growth such that margins improve and the combination of growth + profitability improves over time – Autodesk has been doing the opposite",
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      "kind": "source-note",
      "text": "Source: Capital IQ, Bloomberg, public company filings and Wall Street research. Market data as of July 29, 2024.",
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