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Economic value added or economic profit is the difference between revenues and costs,where costs include not only expenses, but also cost of capital.

Economic Profit
Net Operating Profit after Taxes (NOPAT)
Cash Operating Taxes
Invested Capital
Cost of Capital
Economic Spread Ratio
Economic Profit Margin

Autodesk Inc., economic profit calculation

US$ in thousands

	12 months ended:	Jan 31, 2020	Jan 31, 2019	Jan 31, 2018	Jan 31, 2017	Jan 31, 2016	Jan 31, 2015
	Net operating profit after taxes (NOPAT)¹
	Cost of capital²
	Invested capital³

	Economic profit⁴

Based on: 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), 10-K (filing date: 2015-03-18).

¹ NOPAT. See details »

² Cost of capital. See details »

³ Invested capital. See details »

⁴ 2020 Calculation
Economic profit = NOPAT – Cost of capital × Invested capital
= – × =

Item	Description	The company
Economic profit	Economic profit is a measure of corporate performance computed by taking the spread between the return on invested capital and the cost of capital, and multiplying by the invested capital.	Autodesk Inc.’s economic profit increased from 2018 to 2019 and from 2019 to 2020.

Autodesk Inc., NOPAT calculation

US$ in thousands

	12 months ended:	Jan 31, 2020	Jan 31, 2019	Jan 31, 2018	Jan 31, 2017	Jan 31, 2016	Jan 31, 2015
	Net income (loss)
	Deferred income tax expense (benefit)¹
	Increase (decrease) in allowance for doubtful accounts²
	Increase (decrease) in deferred revenue³
	Increase (decrease) in restructuring and other exit costs reserve⁴
	Increase (decrease) in equity equivalents⁵
	Interest and investment expense, net
	Interest expense, operating lease liability⁶
	Adjusted interest and investment expense, net
	Tax benefit of interest and investment expense, net⁷
	Adjusted interest and investment expense, net, after taxes⁸
	Net operating profit after taxes (NOPAT)

Based on: 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), 10-K (filing date: 2015-03-18).

¹ Elimination of deferred tax expense. See details »

² Addition of increase (decrease) in allowance for doubtful accounts.

³ Addition of increase (decrease) in deferred revenue.

⁴ Addition of increase (decrease) in restructuring and other exit costs reserve.

⁵ Addition of increase (decrease) in equity equivalents to net income (loss).

⁶ 2020 Calculation
Interest expense on capitalized operating leases = Operating lease liability × Discount rate
= × =

⁷ 2020 Calculation
Tax benefit of interest and investment expense, net = Adjusted interest and investment expense, net × Statutory income tax rate
= × 21.00% =

⁸ Addition of after taxes interest expense to net income (loss).

Item	Description	The company
NOPAT	Net operating profit after taxes is income from operations, but after removement of taxes calculated on cash basis that are relevant to operating income.	Autodesk Inc.’s NOPAT increased from 2018 to 2019 and from 2019 to 2020.

Autodesk Inc., cash operating taxes calculation

US$ in thousands

	12 months ended:	Jan 31, 2020	Jan 31, 2019	Jan 31, 2018	Jan 31, 2017	Jan 31, 2016	Jan 31, 2015
	Provision for income taxes
	Less: Deferred income tax expense (benefit)
	Add: Tax savings from interest and investment expense, net
	Cash operating taxes

Based on: 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), 10-K (filing date: 2015-03-18).

Item	Description	The company
Cash operating taxes	Cash operating taxes are estimated by adjusting income tax expense for changes in deferred taxes and tax benefit from the interest deduction.	Autodesk Inc.’s cash operating taxes decreased from 2018 to 2019 but then increased from 2019 to 2020 exceeding 2018 level.

Autodesk Inc., invested capital calculation (financing approach)

US$ in thousands

		Jan 31, 2020	Jan 31, 2019	Jan 31, 2018	Jan 31, 2017	Jan 31, 2016	Jan 31, 2015
	Current portion of long-term notes payable, net
	Long-term notes payable, net, excluding current portion
	Operating lease liability¹
	Total reported debt & leases
	Stockholders’ equity (deficit)
	Net deferred tax (assets) liabilities²
	Allowance for doubtful accounts³
	Deferred revenue⁴
	Restructuring and other exit costs reserve⁵
	Equity equivalents⁶
	Accumulated other comprehensive (income) loss, net of tax⁷
	Adjusted stockholders’ equity (deficit)
	Marketable securities⁸
	Invested capital

Based on: 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), 10-K (filing date: 2015-03-18).

¹ Addition of capitalized operating leases.

² Elimination of deferred taxes from assets and liabilities. See details »

³ Addition of allowance for doubtful accounts receivable.

⁴ Addition of deferred revenue.

⁵ Addition of restructuring and other exit costs reserve.

⁶ Addition of equity equivalents to stockholders’ equity (deficit).

⁷ Removal of accumulated other comprehensive income.

⁸ Subtraction of marketable securities.

Item	Description	The company
Invested capital	Capital is an approximation of the economic book value of all cash invested in going-concern business activities.	Autodesk Inc.’s invested capital increased from 2018 to 2019 and from 2019 to 2020.

Autodesk Inc., cost of capital calculations


Equity²	÷	=	×		=
Long-term notes payable, including current portion³	÷	=	×	× (1 – 21.00%)	=
Operating lease liability⁴	÷	=	×	× (1 – 21.00%)	=
Total:

Based on: 10-K (filing date: 2020-03-19).

¹ US$ in thousands

² Equity. See details »