Stock Analysis on Net
Stock Analysis on Net
Microsoft Excel LibreOffice Calc

Autodesk Inc. (NASDAQ:ADSK)

Analysis of Operating Leases

Advanced level

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

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

US$ in thousands

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Jan 31, 2021 Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017 Jan 31, 2016
Total undiscounted future operating lease payments 410,600  247,800  215,000  254,300 
Discount rate1 3.58% 3.58% 3.17% 3.17%
 
Total present value of future operating lease payments 357,250  219,889  194,862  229,618 

Based on: 10-K (filing date: 2021-03-19), 10-K (filing date: 2020-03-19), 10-K (filing date: 2019-03-25), 10-K (filing date: 2018-03-22), 10-K (filing date: 2017-03-21), 10-K (filing date: 2016-03-23).

1 Weighted-average interest rate for Autodesk Inc.’s debt

Year Future operating lease payments (as reported) Year Future operating lease payments (estimated) Present value at 3.58%
2020 76,200  2020 76,200  73,566 
2021 61,700  2021 61,700  57,509 
2022 53,600  2022 53,600  48,232 
2023 50,700  2023 50,700  44,046 
2024 41,400  2024 41,400  34,723 
2025 and thereafter 127,000  2025 41,400  33,523 
2026 41,400  32,365 
2027 41,400  31,246 
2028 2,800  2,040 
Total: 410,600  410,600  357,250 

Based on: 10-K (filing date: 2019-03-25).

Year Future operating lease payments (as reported) Year Future operating lease payments (estimated) Present value at 3.58%
2019 62,200  2019 62,200  60,050 
2020 46,300  2020 46,300  43,155 
2021 34,100  2021 34,100  30,685 
2022 24,700  2022 24,700  21,458 
2023 22,800  2023 22,800  19,123 
2024 and thereafter 57,700  2024 22,800  18,462 
2025 22,800  17,824 
2026 12,100  9,132 
Total: 247,800  247,800  219,889 

Based on: 10-K (filing date: 2018-03-22).

Year Future operating lease payments (as reported) Year Future operating lease payments (estimated) Present value at 3.17%
2018 60,700  2018 60,700  58,835 
2019 48,400  2019 48,400  45,471 
2020 31,400  2020 31,400  28,594 
2021 21,100  2021 21,100  18,624 
2022 12,200  2022 12,200  10,437 
2023 and thereafter 41,200  2023 12,200  10,117 
2024 12,200  9,806 
2025 12,200  9,505 
2026 4,600  3,474 
Total: 215,000  215,000  194,862 

Based on: 10-K (filing date: 2017-03-21).

Year Future operating lease payments (as reported) Year Future operating lease payments (estimated) Present value at 3.17%
2017 61,000  2017 61,000  59,126 
2018 54,800  2018 54,800  51,484 
2019 43,100  2019 43,100  39,248 
2020 26,200  2020 26,200  23,125 
2021 18,000  2021 18,000  15,399 
2022 and thereafter 51,200  2022 18,000  14,926 
2023 18,000  14,468 
2024 15,200  11,842 
Total: 254,300  254,300  229,618 

Based on: 10-K (filing date: 2016-03-23).


Adjustments to Financial Statements for Operating Leases

Autodesk Inc., adjustments to financial statements

US$ in thousands

Microsoft Excel LibreOffice Calc
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 
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)1 —  —  357,250  219,889  194,862  229,618 
Total assets (adjusted) 7,279,800  6,179,300  5,086,450  4,333,489  4,992,962  5,744,918 
Adjustment to Total Debt
Total debt (as reported) 1,637,200  2,084,800  2,087,700  1,586,000  1,490,700  1,487,700 
Add: Operating lease liability (before adoption of FASB Topic 842)2 —  —  357,250  219,889  194,862  229,618 
Add: Current operating lease liabilities 71,400  48,100  —  —  —  — 
Add: Long-term operating lease liabilities 396,000  411,700  —  —  —  — 
Total debt (adjusted) 2,104,600  2,544,600  2,444,950  1,805,889  1,685,562  1,717,318 

Based on: 10-K (filing date: 2021-03-19), 10-K (filing date: 2020-03-19), 10-K (filing date: 2019-03-25), 10-K (filing date: 2018-03-22), 10-K (filing date: 2017-03-21), 10-K (filing date: 2016-03-23).

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


Autodesk Inc., Financial Data: Reported vs. Adjusted


Adjusted Financial Ratios for Operating Leases (Summary)

Autodesk Inc., adjusted financial ratios

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Jan 31, 2021 Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017 Jan 31, 2016
Total Asset Turnover1
Reported total asset turnover 0.52 0.53 0.54 0.50 0.42 0.45
Adjusted total asset turnover 0.52 0.53 0.51 0.47 0.41 0.44
Debt to Equity2
Reported debt to equity 1.70 2.03 0.92
Adjusted debt to equity 2.18 2.30 1.06
Return on Assets3 (ROA)
Reported ROA 16.60% 3.47% -1.71% -13.78% -12.13% -5.99%
Adjusted ROA 16.60% 3.47% -1.59% -13.08% -11.66% -5.75%

Based on: 10-K (filing date: 2021-03-19), 10-K (filing date: 2020-03-19), 10-K (filing date: 2019-03-25), 10-K (filing date: 2018-03-22), 10-K (filing date: 2017-03-21), 10-K (filing date: 2016-03-23).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Autodesk Inc.’s adjusted total asset turnover ratio improved from 2019 to 2020 but then slightly deteriorated from 2020 to 2021.
Adjusted ROA A profitability ratio calculated as net income divided by adjusted total assets. Autodesk Inc.’s adjusted ROA improved from 2019 to 2020 and from 2020 to 2021.

Autodesk Inc., Financial Ratios: Reported vs. Adjusted


Adjusted Total Asset Turnover

Microsoft Excel LibreOffice Calc
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 Operating Leases
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 7,279,800  6,179,300  5,086,450  4,333,489  4,992,962  5,744,918 
Activity Ratio
Adjusted total asset turnover2 0.52 0.53 0.51 0.47 0.41 0.44

Based on: 10-K (filing date: 2021-03-19), 10-K (filing date: 2020-03-19), 10-K (filing date: 2019-03-25), 10-K (filing date: 2018-03-22), 10-K (filing date: 2017-03-21), 10-K (filing date: 2016-03-23).

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 ÷ 7,279,800 = 0.52

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

Adjusted Debt to Equity

Microsoft Excel LibreOffice Calc
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 debt 1,637,200  2,084,800  2,087,700  1,586,000  1,490,700  1,487,700 
Stockholders’ equity (deficit) 965,500  (139,100) (210,900) (256,000) 733,600  1,619,600 
Solvency Ratio
Debt to equity1 1.70 2.03 0.92
Adjusted for Operating Leases
Selected Financial Data (US$ in thousands)
Adjusted total debt 2,104,600  2,544,600  2,444,950  1,805,889  1,685,562  1,717,318 
Stockholders’ equity (deficit) 965,500  (139,100) (210,900) (256,000) 733,600  1,619,600 
Solvency Ratio
Adjusted debt to equity2 2.18 2.30 1.06

Based on: 10-K (filing date: 2021-03-19), 10-K (filing date: 2020-03-19), 10-K (filing date: 2019-03-25), 10-K (filing date: 2018-03-22), 10-K (filing date: 2017-03-21), 10-K (filing date: 2016-03-23).

2021 Calculations

1 Debt to equity = Total debt ÷ Stockholders’ equity (deficit)
= 1,637,200 ÷ 965,500 = 1.70

2 Adjusted debt to equity = Adjusted total debt ÷ Stockholders’ equity (deficit)
= 2,104,600 ÷ 965,500 = 2.18


Adjusted Return on Assets (ROA)

Microsoft Excel LibreOffice Calc
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 Operating Leases
Selected Financial Data (US$ in thousands)
Net income (loss) 1,208,200  214,500  (80,800) (566,900) (582,100) (330,500)
Adjusted total assets 7,279,800  6,179,300  5,086,450  4,333,489  4,992,962  5,744,918 
Profitability Ratio
Adjusted ROA2 16.60% 3.47% -1.59% -13.08% -11.66% -5.75%

Based on: 10-K (filing date: 2021-03-19), 10-K (filing date: 2020-03-19), 10-K (filing date: 2019-03-25), 10-K (filing date: 2018-03-22), 10-K (filing date: 2017-03-21), 10-K (filing date: 2016-03-23).

2021 Calculations

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

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

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