An operating lease is treated like a rental contract. Neither the leased asset nor the associated liability is reported on the lessee balance sheet, but the rights may be very similar to the rights of an owner. The lessee only records the lease payments as a rental expense in income statement.

Present Value of Future Operating Lease Payments (before Adoption of FASB Topic 842)
Adjustments to Financial Statements for Operating Leases
Adjusted Financial Ratios for Operating Leases (Summary)
Adjusted Total Asset Turnover
Adjusted Debt to Equity
Adjusted Return on Assets (ROA)

Abiomed Inc., future operating lease payments (before adoption of FASB Topic 842)

US$ in thousands

	Mar 31, 2022	Mar 31, 2021	Mar 31, 2020	Mar 31, 2019	Mar 31, 2018	Mar 31, 2017
Total undiscounted future operating lease payments	—	—	—	14,274)	10,089)	8,173)
Discount rate¹	—	—	—	0.00%	0.00%	2.99%

Total present value of future operating lease payments	—	—	—	14,274)	10,089)	7,462)

Based on: 10-K (reporting date: 2022-03-31), 10-K (reporting date: 2021-03-31), 10-K (reporting date: 2020-03-31), 10-K (reporting date: 2019-03-31), 10-K (reporting date: 2018-03-31), 10-K (reporting date: 2017-03-31).

¹ Weighted average capital lease discount rate

2019 Calculations

Year	Future operating lease payments (as reported)	Year	Future operating lease payments (estimated)	Present value at 0.00%
2020	3,398)	2020	3,398)	3,398)
2021	2,712)	2021	2,712)	2,712)
2022	2,000)	2022	2,000)	2,000)
2023	1,462)	2023	1,462)	1,462)
2024	1,414)	2024	1,414)	1,414)
2025 and thereafter	3,288)	2025	1,414)	1,414)
		2026	1,414)	1,414)
		2027	460)	460)
Total:	14,274)		14,274)	14,274)

Based on: 10-K (reporting date: 2019-03-31).

2018 Calculations

Year	Future operating lease payments (as reported)	Year	Future operating lease payments (estimated)	Present value at 0.00%
2019	2,078)	2019	2,078)	2,078)
2020	1,888)	2020	1,888)	1,888)
2021	1,901)	2021	1,901)	1,901)
2022	1,408)	2022	1,408)	1,408)
2023	891)	2023	891)	891)
2024 and thereafter	1,923)	2024	891)	891)
		2025	891)	891)
		2026	141)	141)
Total:	10,089)		10,089)	10,089)

Based on: 10-K (reporting date: 2018-03-31).

2017 Calculations

Year	Future operating lease payments (as reported)	Year	Future operating lease payments (estimated)	Present value at 2.99%
2018	1,670)	2018	1,670)	1,622)
2019	1,593)	2019	1,593)	1,502)
2020	1,532)	2020	1,532)	1,402)
2021	1,542)	2021	1,542)	1,371)
2022	1,084)	2022	1,084)	936)
2023	752)	2023	752)	630)
Total:	8,173)		8,173)	7,462)

Based on: 10-K (reporting date: 2017-03-31).

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Abiomed Inc., adjustments to financial statements

US$ in thousands

	Mar 31, 2022	Mar 31, 2021	Mar 31, 2020	Mar 31, 2019	Mar 31, 2018	Mar 31, 2017
Adjustment to Total Assets
Total assets (as reported)	1,673,393)	1,494,359)	1,216,462)	1,054,346)	786,375)	550,414)
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)¹	—)	—)	—)	14,274)	10,089)	7,462)
Total assets (adjusted)	1,673,393)	1,494,359)	1,216,462)	1,068,620)	796,464)	557,876)
Adjustment to Total Debt
Total debt (as reported)	—)	—)	—)	—)	—)	16,338)
Add: Operating lease liability (before adoption of FASB Topic 842)²	—)	—)	—)	14,274)	10,089)	7,462)
Add: Operating lease liabilities in other current liabilities	2,889)	2,459)	3,671)	—)	—)	—)
Add: Operating lease liabilities in other long-term liabilities	6,618)	3,657)	8,549)	—)	—)	—)
Total debt (adjusted)	9,507)	6,116)	12,220)	14,274)	10,089)	23,800)

Based on: 10-K (reporting date: 2022-03-31), 10-K (reporting date: 2021-03-31), 10-K (reporting date: 2020-03-31), 10-K (reporting date: 2019-03-31), 10-K (reporting date: 2018-03-31), 10-K (reporting date: 2017-03-31).

^{1, 2} Equal to total present value of future operating lease payments.

Abiomed Inc., Financial Data: Reported vs. Adjusted

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Abiomed Inc., adjusted financial ratios

	Mar 31, 2022	Mar 31, 2021	Mar 31, 2020	Mar 31, 2019	Mar 31, 2018	Mar 31, 2017
Total Asset Turnover¹
Reported total asset turnover	0.62	0.57	0.69	0.73	0.76	0.81
Adjusted total asset turnover	0.62	0.57	0.69	0.72	0.75	0.80
Debt to Equity²
Reported debt to equity	0.00	0.00	0.00	0.00	0.00	0.04
Adjusted debt to equity	0.01	0.00	0.01	0.02	0.01	0.05
Return on Assets³ (ROA)
Reported ROA	8.16%	15.09%	16.69%	24.57%	14.26%	9.47%
Adjusted ROA	8.16%	15.09%	16.69%	24.24%	14.08%	9.34%

Based on: 10-K (reporting date: 2022-03-31), 10-K (reporting date: 2021-03-31), 10-K (reporting date: 2020-03-31), 10-K (reporting date: 2019-03-31), 10-K (reporting date: 2018-03-31), 10-K (reporting date: 2017-03-31).

¹ See details »

² See details »

³ See details »

Financial ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Abiomed Inc. adjusted total asset turnover ratio deteriorated from 2020 to 2021 but then slightly improved from 2021 to 2022.
Adjusted debt to equity	A solvency ratio calculated as adjusted total debt divided by total shareholders’ equity.	Abiomed Inc. adjusted debt to equity ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022.
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	Abiomed Inc. adjusted ROA deteriorated from 2020 to 2021 and from 2021 to 2022.

Abiomed Inc., Financial Ratios: Reported vs. Adjusted

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	Mar 31, 2022	Mar 31, 2021	Mar 31, 2020	Mar 31, 2019	Mar 31, 2018	Mar 31, 2017
As Reported
Selected Financial Data (US$ in thousands)
Revenue	1,031,753)	847,522)	840,883)	769,432)	593,749)	445,304)
Total assets	1,673,393)	1,494,359)	1,216,462)	1,054,346)	786,375)	550,414)
Activity Ratio
Total asset turnover¹	0.62	0.57	0.69	0.73	0.76	0.81
Adjusted for Operating Leases
Selected Financial Data (US$ in thousands)
Revenue	1,031,753)	847,522)	840,883)	769,432)	593,749)	445,304)
Adjusted total assets	1,673,393)	1,494,359)	1,216,462)	1,068,620)	796,464)	557,876)
Activity Ratio
Adjusted total asset turnover²	0.62	0.57	0.69	0.72	0.75	0.80

Based on: 10-K (reporting date: 2022-03-31), 10-K (reporting date: 2021-03-31), 10-K (reporting date: 2020-03-31), 10-K (reporting date: 2019-03-31), 10-K (reporting date: 2018-03-31), 10-K (reporting date: 2017-03-31).

2022 Calculations

¹ Total asset turnover = Revenue ÷ Total assets
= 1,031,753 ÷ 1,673,393 = 0.62

² Adjusted total asset turnover = Revenue ÷ Adjusted total assets
= 1,031,753 ÷ 1,673,393 = 0.62

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Abiomed Inc. adjusted total asset turnover ratio deteriorated from 2020 to 2021 but then slightly improved from 2021 to 2022.

	Mar 31, 2022	Mar 31, 2021	Mar 31, 2020	Mar 31, 2019	Mar 31, 2018	Mar 31, 2017
As Reported
Selected Financial Data (US$ in thousands)
Total debt	—)	—)	—)	—)	—)	16,338)
Stockholders’ equity	1,503,326)	1,329,675)	1,065,466)	936,890)	689,524)	452,071)
Solvency Ratio
Debt to equity¹	0.00	0.00	0.00	0.00	0.00	0.04
Adjusted for Operating Leases
Selected Financial Data (US$ in thousands)
Adjusted total debt	9,507)	6,116)	12,220)	14,274)	10,089)	23,800)
Stockholders’ equity	1,503,326)	1,329,675)	1,065,466)	936,890)	689,524)	452,071)
Solvency Ratio
Adjusted debt to equity²	0.01	0.00	0.01	0.02	0.01	0.05

Based on: 10-K (reporting date: 2022-03-31), 10-K (reporting date: 2021-03-31), 10-K (reporting date: 2020-03-31), 10-K (reporting date: 2019-03-31), 10-K (reporting date: 2018-03-31), 10-K (reporting date: 2017-03-31).

2022 Calculations

¹ Debt to equity = Total debt ÷ Stockholders’ equity
= 0 ÷ 1,503,326 = 0.00

² Adjusted debt to equity = Adjusted total debt ÷ Stockholders’ equity
= 9,507 ÷ 1,503,326 = 0.01

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Solvency ratio	Description	The company
Adjusted debt-to-equity	A solvency ratio calculated as adjusted total debt divided by total shareholders’ equity.	Abiomed Inc. adjusted debt-to-equity ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022.

	Mar 31, 2022	Mar 31, 2021	Mar 31, 2020	Mar 31, 2019	Mar 31, 2018	Mar 31, 2017
As Reported
Selected Financial Data (US$ in thousands)
Net income	136,505)	225,525)	203,009)	259,016)	112,170)	52,116)
Total assets	1,673,393)	1,494,359)	1,216,462)	1,054,346)	786,375)	550,414)
Profitability Ratio
ROA¹	8.16%	15.09%	16.69%	24.57%	14.26%	9.47%
Adjusted for Operating Leases
Selected Financial Data (US$ in thousands)
Net income	136,505)	225,525)	203,009)	259,016)	112,170)	52,116)
Adjusted total assets	1,673,393)	1,494,359)	1,216,462)	1,068,620)	796,464)	557,876)
Profitability Ratio
Adjusted ROA²	8.16%	15.09%	16.69%	24.24%	14.08%	9.34%

Based on: 10-K (reporting date: 2022-03-31), 10-K (reporting date: 2021-03-31), 10-K (reporting date: 2020-03-31), 10-K (reporting date: 2019-03-31), 10-K (reporting date: 2018-03-31), 10-K (reporting date: 2017-03-31).

2022 Calculations

¹ ROA = 100 × Net income ÷ Total assets
= 100 × 136,505 ÷ 1,673,393 = 8.16%

² Adjusted ROA = 100 × Net income ÷ Adjusted total assets
= 100 × 136,505 ÷ 1,673,393 = 8.16%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	Abiomed Inc. adjusted ROA deteriorated from 2020 to 2021 and from 2021 to 2022.

Abiomed Inc. (NASDAQ:ABMD)

Analysis of Operating Leases

Present Value of Future Operating Lease Payments (before Adoption of FASB Topic 842)

Adjustments to Financial Statements for Operating Leases

Abiomed Inc., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios for Operating Leases (Summary)

Abiomed Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Adjusted Debt to Equity

Adjusted Return on Assets (ROA)