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 Operating Leases

Microsoft Excel

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

Microsoft Excel
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 (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).

1 Weighted-average interest rate for Autodesk Inc. 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 (reporting date: 2019-01-31).

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 (reporting date: 2018-01-31).

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 (reporting date: 2017-01-31).

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 (reporting date: 2016-01-31).


Adjustments to Financial Statements for Operating Leases

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
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 (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).

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

Microsoft Excel
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 (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 total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Autodesk Inc. 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. 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
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 (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 ÷ 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. adjusted total asset turnover ratio improved from 2019 to 2020 but then slightly deteriorated from 2020 to 2021.

Adjusted Debt to Equity

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 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 (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 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
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 (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 × 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. adjusted ROA improved from 2019 to 2020 and from 2020 to 2021.