Autodesk, Inc. stock research
FY2024 Q2
Autodesk (ADSK) Gross Margin — Quarter Ended Jul 31, 2023
Revenue in the current quarter was stable compared to the immediately preceding quarter and higher than the same quarter one year earlier. Gross profit improved relative to both prior periods, while cost of revenue remained stable sequentially and was higher year-over-year, resulting in a gross margin that improved sequentially and was slightly higher than a year ago.
Gross margin takeaway
Quarter ended Jul 31, 2023 · FY2024 Q2
Revenue in the current quarter was stable compared to the immediately preceding quarter and higher than the same quarter one year earlier. Gross profit improved relative to both prior periods, while cost of revenue remained stable sequentially and was higher year-over-year, resulting in a gross margin that improved sequentially and was slightly higher than a year ago.
- The improvement in gross margin was driven by gross profit increasing at a faster rate than cost of revenue when compared to both the immediately preceding quarter and the same quarter one year earlier.
- Compared with the immediately preceding quarter, gross margin improved while revenue and cost of revenue were stable. Relative to the same quarter one year earlier, revenue and gross profit were higher, cost of revenue was also higher, and gross margin was slightly higher.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
90.6%
Gross profit
$1.2B
Revenue
$1.3B
Cost of revenue
$127.0M
Quarter-over-quarter change
+0.6 pts
Year-over-year change
+0.2 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Jan 31, 2023 | $1.3B | $1.2B | $124.0M | 90.6% |
| Apr 30, 2023 | $1.3B | $1.1B | $127.0M | 90.0% |
| Jul 31, 2023 | $1.3B | $1.2B | $127.0M | 90.6% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Apr 30, 2023
+0.6 pts
Year-over-year change
Jul 31, 2022
+0.2 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The improvement in gross margin was driven by gross profit increasing at a faster rate than cost of revenue when compared to both the immediately preceding quarter and the same quarter one year earlier.
Compared with the immediately preceding quarter, gross margin improved while revenue and cost of revenue were stable. Relative to the same quarter one year earlier, revenue and gross profit were higher, cost of revenue was also higher, and gross margin was slightly higher.
Monitor the impact of the transition to annual billings for multi-year contracts on the timing of billings and cash collections, as noted in the filing.