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  "documentTitle": "Autodesk, Inc. (ADSK)",
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  "authorName": "Jeffrey Smith",
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      "text": "However, as shown below, Autodesk's projected underlying incremental margins compare poorly to peers when adjusting for the estimated impact of the workforce reduction.",
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      "text": "Consensus Incremental Margins (CY2024A - CY2026E)",
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      "text": "We believe Autodesk can, and should, be targeting substantial adjusted operating margin improvement and, ultimately, best-in-class profitability. In our view, Autodesk's path to improved profitability should have two drivers: higher incremental margins on revenue growth and a net reduction in costs.",
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      "text": "Given the Company's scale and high gross margins, we believe Autodesk should be targeting best-in-class incremental operating margins. However, as shown below, Autodesk's projected underlying incremental margins compare poorly to peers when adjusting for the estimated impact of the workforce reduction.",
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      "text": "Source: Capital IQ, Bloomberg, public filings. Market data as of March 17, 2025.",
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      "text": "Revenue CAGR and Gross Margin data for peers",
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