Autodesk Is a Leader in CAD Solutions, Flexing a Wide Moat

We view Autodesk as the global industry standard in computer-aided design software. Millions of industry professionals rely on Autodesk software to design and model buildings, manufactured products, animated films, and video games. We think Autodesk will remain the industry standard, as its switching costs and network effect continue to reinforce one another and the firm stays at the forefront of industry trends. Over 95% of its revenue is now recurring, after a gradual transition from licenses the past eight years. We think the change enables Autodesk to extract greater revenue per user as it upsells its loyal and increasingly maturing base.