Stock Analysis on Net

Autodesk Inc. (NASDAQ:ADSK)

This company has been moved to the archive! The financial data has not been updated since December 3, 2021.

Analysis of Income Taxes

Microsoft Excel

Income Tax Expense (Benefit)

Autodesk Inc., income tax expense (benefit), continuing operations

US$ in thousands

Microsoft Excel
12 months ended: Jan 31, 2021 Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017 Jan 31, 2016
Federal 9,800 (2,300) (13,300) (800) 1,600 (4,700)
State 19,000 (400) (1,800) (300) (1,900) 500
Foreign 87,600 69,600 65,300 50,900 93,900 68,400
Current 116,400 66,900 50,200 49,800 93,600 64,200
Federal (741,000) 7,600 (6,700) (19,300) 8,400 220,900
State (57,500) 2,100 100 2,200 1,300 20,900
Foreign 20,600 3,700 (5,500) (23,100) (45,000) 4,200
Deferred (777,900) 13,400 (12,100) (40,200) (35,300) 246,000
Income tax provision (benefit) (661,500) 80,300 38,100 9,600 58,300 310,200

Based on: 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-01-31), 10-K (reporting date: 2018-01-31), 10-K (reporting date: 2017-01-31), 10-K (reporting date: 2016-01-31).

Item Description The company
Current Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations. Autodesk Inc. current increased from 2019 to 2020 and from 2020 to 2021.
Deferred Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. Autodesk Inc. deferred increased from 2019 to 2020 but then decreased significantly from 2020 to 2021.
Income tax provision (benefit) Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Autodesk Inc. income tax provision (benefit) increased from 2019 to 2020 but then decreased significantly from 2020 to 2021.

Effective Income Tax Rate (EITR)

Autodesk Inc., effective income tax rate (EITR) reconciliation

Microsoft Excel
Jan 31, 2021 Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017 Jan 31, 2016
U.S. statutory tax rate 21.00% 21.00% 21.00% 33.81% 35.00% 35.00%
Effective income tax rate, before transition tax and revisions due to subsequent regulations -121.00% 23.98% -126.70% 71.56% -11.13% -1,528.08%
Effective income tax rate -121.00% 27.24% -89.23% -1.72% -11.13% -1,528.08%

Based on: 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-01-31), 10-K (reporting date: 2018-01-31), 10-K (reporting date: 2017-01-31), 10-K (reporting date: 2016-01-31).

Item Description The company
Effective income tax rate, before transition tax and revisions due to subsequent regulations Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Autodesk Inc. effective income tax rate, before transition tax and revisions due to subsequent regulations increased from 2019 to 2020 but then slightly decreased from 2020 to 2021 not reaching 2019 level.

Components of Deferred Tax Assets and Liabilities

Autodesk Inc., components of deferred tax assets and liabilities

US$ in thousands

Microsoft Excel
Jan 31, 2021 Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017 Jan 31, 2016
Stock-based compensation 39,000 32,800 25,900 26,700 37,600 37,500
Research and development tax credit carryforwards 220,400 263,400 238,700 170,300 136,700 91,300
Foreign tax credit carryforwards 69,900 253,900 198,600 162,200 127,300 51,100
Accrued compensation and benefits 3,400 3,400 6,500 25,900 39,500 41,500
Other accruals not currently deductible for tax 14,100 28,400 19,000 22,900 18,700 23,600
Purchased technology and capitalized software 48,200 37,700 32,600 43,400 76,900 64,300
Fixed assets 8,100 11,600 15,000 16,500 24,300 18,600
Lease liability 114,200 106,400
Tax loss carryforwards 65,500 241,200 237,200 85,700 173,600 17,600
Deferred revenue 501,500 29,200 49,000 120,300 128,300 56,700
Other 40,200 28,000 28,400 32,400 27,600 13,900
Deferred tax assets 1,124,500 1,036,000 850,900 706,300 790,500 416,100
Valuation allowance (186,500) (883,400) (797,800) (634,200) (748,000) (398,000)
Net deferred tax assets 938,000 152,600 53,100 72,100 42,500 18,100
Indefinite lived intangibles (83,100) (76,500) (67,600) (57,000) (70,100) (54,100)
Right-of-use assets (101,600) (101,300)
Unremitted earnings of foreign subsidiaries (1,600) (900) (22,400)
Deferred tax liabilities (186,300) (178,700) (67,600) (57,000) (70,100) (76,500)
Net deferred tax assets (liabilities) 751,700 (26,100) (14,500) 15,100 (27,600) (58,400)

Based on: 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-01-31), 10-K (reporting date: 2018-01-31), 10-K (reporting date: 2017-01-31), 10-K (reporting date: 2016-01-31).

Item Description The company
Deferred tax assets Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. Autodesk Inc. deferred tax assets increased from 2019 to 2020 and from 2020 to 2021.
Net deferred tax assets Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. Autodesk Inc. net deferred tax assets increased from 2019 to 2020 and from 2020 to 2021.
Net deferred tax assets (liabilities) Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting. Autodesk Inc. net deferred tax assets (liabilities) decreased from 2019 to 2020 but then increased from 2020 to 2021 exceeding 2019 level.

Deferred Tax Assets and Liabilities, Classification

Autodesk Inc., deferred tax assets and liabilities, classification

US$ in thousands

Microsoft Excel
Jan 31, 2021 Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017 Jan 31, 2016
Long-term deferred tax assets 763,100 56,400 65,300 81,700 63,900 9,200
Long-term deferred tax liabilities 11,400 82,500 79,800 66,600 91,500 67,700

Based on: 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-01-31), 10-K (reporting date: 2018-01-31), 10-K (reporting date: 2017-01-31), 10-K (reporting date: 2016-01-31).

Item Description The company
Long-term deferred tax assets Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent. Autodesk Inc. long-term deferred tax assets decreased from 2019 to 2020 but then increased from 2020 to 2021 exceeding 2019 level.
Long-term deferred tax liabilities Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent. Autodesk Inc. long-term deferred tax liabilities increased from 2019 to 2020 but then decreased significantly from 2020 to 2021.

Adjustments to Financial Statements: Removal of Deferred Taxes

Autodesk Inc., adjustments to financial statements

US$ in thousands

Microsoft Excel
Jan 31, 2021 Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017 Jan 31, 2016
Adjustment to Total Assets
Total assets (as reported) 7,279,800 6,179,300 4,729,200 4,113,600 4,798,100 5,515,300
Less: Noncurrent deferred tax assets, net 763,100 56,400 65,300 81,700 63,900 9,200
Total assets (adjusted) 6,516,700 6,122,900 4,663,900 4,031,900 4,734,200 5,506,100
Adjustment to Total Liabilities
Total liabilities (as reported) 6,314,300 6,318,400 4,940,100 4,369,600 4,064,500 3,895,700
Less: Noncurrent deferred tax liabilities, net 11,400 82,500 79,800 66,600 91,500 67,700
Total liabilities (adjusted) 6,302,900 6,235,900 4,860,300 4,303,000 3,973,000 3,828,000
Adjustment to Stockholders’ Equity (deficit)
Stockholders’ equity (deficit) (as reported) 965,500 (139,100) (210,900) (256,000) 733,600 1,619,600
Less: Net deferred tax assets (liabilities) 751,700 (26,100) (14,500) 15,100 (27,600) (58,400)
Stockholders’ equity (deficit) (adjusted) 213,800 (113,000) (196,400) (271,100) 761,200 1,678,000
Adjustment to Net Income (loss)
Net income (loss) (as reported) 1,208,200 214,500 (80,800) (566,900) (582,100) (330,500)
Add: Deferred income tax expense (benefit) (777,900) 13,400 (12,100) (40,200) (35,300) 246,000
Net income (loss) (adjusted) 430,300 227,900 (92,900) (607,100) (617,400) (84,500)

Based on: 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-01-31), 10-K (reporting date: 2018-01-31), 10-K (reporting date: 2017-01-31), 10-K (reporting date: 2016-01-31).


Autodesk Inc., Financial Data: Reported vs. Adjusted


Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

Autodesk Inc., adjusted financial ratios

Microsoft Excel
Jan 31, 2021 Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017 Jan 31, 2016
Net Profit Margin
Reported net profit margin 31.88% 6.55% -3.14% -27.56% -28.66% -13.20%
Adjusted net profit margin 11.35% 6.96% -3.62% -29.52% -30.40% -3.37%
Total Asset Turnover
Reported total asset turnover 0.52 0.53 0.54 0.50 0.42 0.45
Adjusted total asset turnover 0.58 0.53 0.55 0.51 0.43 0.45
Financial Leverage
Reported financial leverage 7.54 6.54 3.41
Adjusted financial leverage 30.48 6.22 3.28
Return on Equity (ROE)
Reported ROE 125.14% -79.35% -20.41%
Adjusted ROE 201.26% -81.11% -5.04%
Return on Assets (ROA)
Reported ROA 16.60% 3.47% -1.71% -13.78% -12.13% -5.99%
Adjusted ROA 6.60% 3.72% -1.99% -15.06% -13.04% -1.53%

Based on: 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-01-31), 10-K (reporting date: 2018-01-31), 10-K (reporting date: 2017-01-31), 10-K (reporting date: 2016-01-31).

Financial ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Autodesk Inc. adjusted net profit margin ratio improved from 2019 to 2020 and from 2020 to 2021.
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Autodesk Inc. adjusted total asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Autodesk Inc. adjusted ROA improved from 2019 to 2020 and from 2020 to 2021.

Autodesk Inc., Financial Ratios: Reported vs. Adjusted


Adjusted Net Profit Margin

Microsoft Excel
Jan 31, 2021 Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017 Jan 31, 2016
As Reported
Selected Financial Data (US$ in thousands)
Net income (loss) 1,208,200 214,500 (80,800) (566,900) (582,100) (330,500)
Net revenue 3,790,400 3,274,300 2,569,800 2,056,600 2,031,000 2,504,100
Profitability Ratio
Net profit margin1 31.88% 6.55% -3.14% -27.56% -28.66% -13.20%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted net income (loss) 430,300 227,900 (92,900) (607,100) (617,400) (84,500)
Net revenue 3,790,400 3,274,300 2,569,800 2,056,600 2,031,000 2,504,100
Profitability Ratio
Adjusted net profit margin2 11.35% 6.96% -3.62% -29.52% -30.40% -3.37%

Based on: 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-01-31), 10-K (reporting date: 2018-01-31), 10-K (reporting date: 2017-01-31), 10-K (reporting date: 2016-01-31).

2021 Calculations

1 Net profit margin = 100 × Net income (loss) ÷ Net revenue
= 100 × 1,208,200 ÷ 3,790,400 = 31.88%

2 Adjusted net profit margin = 100 × Adjusted net income (loss) ÷ Net revenue
= 100 × 430,300 ÷ 3,790,400 = 11.35%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Autodesk Inc. adjusted net profit margin ratio improved from 2019 to 2020 and from 2020 to 2021.

Adjusted Total Asset Turnover

Microsoft Excel
Jan 31, 2021 Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017 Jan 31, 2016
As Reported
Selected Financial Data (US$ in thousands)
Net revenue 3,790,400 3,274,300 2,569,800 2,056,600 2,031,000 2,504,100
Total assets 7,279,800 6,179,300 4,729,200 4,113,600 4,798,100 5,515,300
Activity Ratio
Total asset turnover1 0.52 0.53 0.54 0.50 0.42 0.45
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Net revenue 3,790,400 3,274,300 2,569,800 2,056,600 2,031,000 2,504,100
Adjusted total assets 6,516,700 6,122,900 4,663,900 4,031,900 4,734,200 5,506,100
Activity Ratio
Adjusted total asset turnover2 0.58 0.53 0.55 0.51 0.43 0.45

Based on: 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-01-31), 10-K (reporting date: 2018-01-31), 10-K (reporting date: 2017-01-31), 10-K (reporting date: 2016-01-31).

2021 Calculations

1 Total asset turnover = Net revenue ÷ Total assets
= 3,790,400 ÷ 7,279,800 = 0.52

2 Adjusted total asset turnover = Net revenue ÷ Adjusted total assets
= 3,790,400 ÷ 6,516,700 = 0.58

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Autodesk Inc. adjusted total asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

Adjusted Financial Leverage

Microsoft Excel
Jan 31, 2021 Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017 Jan 31, 2016
As Reported
Selected Financial Data (US$ in thousands)
Total assets 7,279,800 6,179,300 4,729,200 4,113,600 4,798,100 5,515,300
Stockholders’ equity (deficit) 965,500 (139,100) (210,900) (256,000) 733,600 1,619,600
Solvency Ratio
Financial leverage1 7.54 6.54 3.41
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted total assets 6,516,700 6,122,900 4,663,900 4,031,900 4,734,200 5,506,100
Adjusted stockholders’ equity (deficit) 213,800 (113,000) (196,400) (271,100) 761,200 1,678,000
Solvency Ratio
Adjusted financial leverage2 30.48 6.22 3.28

Based on: 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-01-31), 10-K (reporting date: 2018-01-31), 10-K (reporting date: 2017-01-31), 10-K (reporting date: 2016-01-31).

2021 Calculations

1 Financial leverage = Total assets ÷ Stockholders’ equity (deficit)
= 7,279,800 ÷ 965,500 = 7.54

2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ equity (deficit)
= 6,516,700 ÷ 213,800 = 30.48


Adjusted Return on Equity (ROE)

Microsoft Excel
Jan 31, 2021 Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017 Jan 31, 2016
As Reported
Selected Financial Data (US$ in thousands)
Net income (loss) 1,208,200 214,500 (80,800) (566,900) (582,100) (330,500)
Stockholders’ equity (deficit) 965,500 (139,100) (210,900) (256,000) 733,600 1,619,600
Profitability Ratio
ROE1 125.14% -79.35% -20.41%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted net income (loss) 430,300 227,900 (92,900) (607,100) (617,400) (84,500)
Adjusted stockholders’ equity (deficit) 213,800 (113,000) (196,400) (271,100) 761,200 1,678,000
Profitability Ratio
Adjusted ROE2 201.26% -81.11% -5.04%

Based on: 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-01-31), 10-K (reporting date: 2018-01-31), 10-K (reporting date: 2017-01-31), 10-K (reporting date: 2016-01-31).

2021 Calculations

1 ROE = 100 × Net income (loss) ÷ Stockholders’ equity (deficit)
= 100 × 1,208,200 ÷ 965,500 = 125.14%

2 Adjusted ROE = 100 × Adjusted net income (loss) ÷ Adjusted stockholders’ equity (deficit)
= 100 × 430,300 ÷ 213,800 = 201.26%


Adjusted Return on Assets (ROA)

Microsoft Excel
Jan 31, 2021 Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017 Jan 31, 2016
As Reported
Selected Financial Data (US$ in thousands)
Net income (loss) 1,208,200 214,500 (80,800) (566,900) (582,100) (330,500)
Total assets 7,279,800 6,179,300 4,729,200 4,113,600 4,798,100 5,515,300
Profitability Ratio
ROA1 16.60% 3.47% -1.71% -13.78% -12.13% -5.99%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted net income (loss) 430,300 227,900 (92,900) (607,100) (617,400) (84,500)
Adjusted total assets 6,516,700 6,122,900 4,663,900 4,031,900 4,734,200 5,506,100
Profitability Ratio
Adjusted ROA2 6.60% 3.72% -1.99% -15.06% -13.04% -1.53%

Based on: 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-01-31), 10-K (reporting date: 2018-01-31), 10-K (reporting date: 2017-01-31), 10-K (reporting date: 2016-01-31).

2021 Calculations

1 ROA = 100 × Net income (loss) ÷ Total assets
= 100 × 1,208,200 ÷ 7,279,800 = 16.60%

2 Adjusted ROA = 100 × Adjusted net income (loss) ÷ Adjusted total assets
= 100 × 430,300 ÷ 6,516,700 = 6.60%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Autodesk Inc. adjusted ROA improved from 2019 to 2020 and from 2020 to 2021.