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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, 2021	Jan 31, 2020	Jan 31, 2019	Jan 31, 2018	Jan 31, 2017	Jan 31, 2016
Net operating profit after taxes (NOPAT)¹	832,602)	1,196,547)	41,163)	(361,454)	(324,280)	305,366)
Cost of capital²	17.75%	17.18%	17.51%	17.39%	16.96%	16.42%
Invested capital³	5,723,300)	5,534,900)	4,411,650)	3,237,189)	3,430,162)	3,614,318)

Economic profit⁴	(183,143)	245,919)	(731,392)	(924,515)	(906,031)	(288,203)

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 NOPAT. See details »

² Cost of capital. See details »

³ Invested capital. See details »

⁴ 2021 Calculation
Economic profit = NOPAT – Cost of capital × Invested capital
= 832,602 – 17.75% × 5,723,300 = -183,143

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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. economic profit increased from 2019 to 2020 but then slightly decreased from 2020 to 2021.

Autodesk Inc., NOPAT calculation

US$ in thousands

12 months ended:	Jan 31, 2021	Jan 31, 2020	Jan 31, 2019	Jan 31, 2018	Jan 31, 2017	Jan 31, 2016
Net income (loss)	1,208,200)	214,500)	(80,800)	(566,900)	(582,100)	(330,500)
Deferred income tax expense (benefit)¹	(777,900)	13,400)	(12,100)	(40,200)	(35,300)	246,000)
Increase (decrease) in allowance for doubtful accounts²	(1,100)	—)	(100)	800)	(6,100)	1,300)
Increase (decrease) in deferred revenue³	353,100)	915,700)	136,300)	167,100)	268,800)	362,100)
Increase (decrease) in restructuring and other exit costs reserve⁴	—)	(2,100)	(53,400)	49,700)	7,100)	(300)
Increase (decrease) in equity equivalents⁵	(425,900)	927,000)	70,700)	177,400)	234,500)	609,100)
Interest and investment expense, net	51,100)	54,000)	52,100)	34,500)	29,700)	33,900)
Interest expense, operating lease liability⁶	12,573)	15,679)	12,790)	7,872)	6,177)	7,279)
Adjusted interest and investment expense, net	63,673)	69,679)	64,890)	42,372)	35,877)	41,179)
Tax benefit of interest and investment expense, net⁷	(13,371)	(14,633)	(13,627)	(14,326)	(12,557)	(14,413)
Adjusted interest and investment expense, net, after taxes⁸	50,302)	55,047)	51,263)	28,046)	23,320)	26,766)
Net operating profit after taxes (NOPAT)	832,602)	1,196,547)	41,163)	(361,454)	(324,280)	305,366)

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 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 2021 Calculation
Interest expense on capitalized operating leases = Operating lease liability × Discount rate
= 467,400 × 2.69% = 12,573

⁷ 2021 Calculation
Tax benefit of interest and investment expense, net = Adjusted interest and investment expense, net × Statutory income tax rate
= 63,673 × 21.00% = 13,371

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

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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. NOPAT increased from 2019 to 2020 but then slightly decreased from 2020 to 2021.

Autodesk Inc., cash operating taxes calculation

US$ in thousands

12 months ended:	Jan 31, 2021	Jan 31, 2020	Jan 31, 2019	Jan 31, 2018	Jan 31, 2017	Jan 31, 2016
Income tax provision (benefit)	(661,500)	80,300)	38,100)	9,600)	58,300)	310,200)
Less: Deferred income tax expense (benefit)	(777,900)	13,400)	(12,100)	(40,200)	(35,300)	246,000)
Add: Tax savings from interest and investment expense, net	13,371)	14,633)	13,627)	14,326)	12,557)	14,413)
Cash operating taxes	129,771)	81,533)	63,827)	64,126)	106,157)	78,613)

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).

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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. cash operating taxes increased from 2019 to 2020 and from 2020 to 2021.

Autodesk Inc., invested capital calculation (financing approach)

US$ in thousands

	Jan 31, 2021	Jan 31, 2020	Jan 31, 2019	Jan 31, 2018	Jan 31, 2017	Jan 31, 2016
Current portion of long-term notes payable, net	—)	449,700)	—)	—)	398,700)	—)
Long-term notes payable, net, excluding current portion	1,637,200)	1,635,100)	2,087,700)	1,586,000)	1,092,000)	1,487,700)
Operating lease liability¹	467,400)	459,800)	357,250)	219,889)	194,862)	229,618)
Total reported debt & leases	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)
Net deferred tax (assets) liabilities²	(751,700)	26,100)	14,500)	(15,100)	27,600)	58,400)
Allowance for doubtful accounts³	3,800)	4,900)	2,200)	2,300)	1,500)	7,600)
Deferred revenue⁴	3,360,200)	3,007,100)	2,091,400)	1,955,100)	1,788,000)	1,519,200)
Restructuring and other exit costs reserve⁵	—)	—)	2,100)	57,200)	8,400)	1,300)
Equity equivalents⁶	2,612,300)	3,038,100)	2,110,200)	1,999,500)	1,825,500)	1,586,500)
Accumulated other comprehensive (income) loss, net of tax⁷	125,900)	160,300)	135,000)	123,800)	178,500)	121,100)
Adjusted stockholders’ equity (deficit)	3,703,700)	3,059,300)	2,034,300)	1,867,300)	2,737,600)	3,327,200)
Marketable securities⁸	(85,000)	(69,000)	(67,600)	(436,000)	(993,000)	(1,430,200)
Invested capital	5,723,300)	5,534,900)	4,411,650)	3,237,189)	3,430,162)	3,614,318)

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 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.

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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. invested capital increased from 2019 to 2020 and from 2020 to 2021.

Autodesk Inc., cost of capital calculations

Jan 31, 2021

	Capital (fair value)¹	Weights					Cost of capital
Equity²	57,423,385)	57,423,385)	÷	59,705,785)	=	0.96	0.96	×	18.35%	=	17.65%
Long-term notes payable, including current portion³	1,815,000)	1,815,000)	÷	59,705,785)	=	0.03	0.03	×	3.49% × (1 – 21.00%)	=	0.08%
Operating lease liability⁴	467,400)	467,400)	÷	59,705,785)	=	0.01	0.01	×	2.69% × (1 – 21.00%)	=	0.02%
Total:	59,705,785)					1.00					17.75%

Based on: 10-K (reporting date: 2021-01-31).

¹ US$ in thousands

² Equity. See details »

³ Long-term notes payable, including current portion. See details »

⁴ Operating lease liability. See details »

Jan 31, 2020

	Capital (fair value)¹	Weights					Cost of capital
Equity²	32,759,182)	32,759,182)	÷	35,414,682)	=	0.93	0.93	×	18.35%	=	16.97%
Long-term notes payable, including current portion³	2,195,700)	2,195,700)	÷	35,414,682)	=	0.06	0.06	×	3.42% × (1 – 21.00%)	=	0.17%
Operating lease liability⁴	459,800)	459,800)	÷	35,414,682)	=	0.01	0.01	×	3.41% × (1 – 21.00%)	=	0.03%
Total:	35,414,682)					1.00					17.18%

Based on: 10-K (reporting date: 2020-01-31).

¹ US$ in thousands

² Equity. See details »

³ Long-term notes payable, including current portion. See details »

⁴ Operating lease liability. See details »

Jan 31, 2019

	Capital (fair value)¹	Weights					Cost of capital
Equity²	33,959,903)	33,959,903)	÷	35,895,253)	=	0.95	0.95	×	18.35%	=	17.36%
Long-term notes payable, including current portion³	1,578,100)	1,578,100)	÷	35,895,253)	=	0.04	0.04	×	3.58% × (1 – 21.00%)	=	0.12%
Operating lease liability⁴	357,250)	357,250)	÷	35,895,253)	=	0.01	0.01	×	3.58% × (1 – 21.00%)	=	0.03%
Total:	35,895,253)					1.00					17.51%

Based on: 10-K (reporting date: 2019-01-31).

¹ US$ in thousands

² Equity. See details »

³ Long-term notes payable, including current portion. See details »

⁴ Operating lease liability. See details »

Jan 31, 2018

	Capital (fair value)¹	Weights					Cost of capital
Equity²	28,690,464)	28,690,464)	÷	30,514,154)	=	0.94	0.94	×	18.35%	=	17.25%
Long-term notes payable, including current portion³	1,603,800)	1,603,800)	÷	30,514,154)	=	0.05	0.05	×	3.58% × (1 – 33.81%)	=	0.12%
Operating lease liability⁴	219,889)	219,889)	÷	30,514,154)	=	0.01	0.01	×	3.58% × (1 – 33.81%)	=	0.02%
Total:	30,514,154)					1.00					17.39%

Based on: 10-K (reporting date: 2018-01-31).

¹ US$ in thousands

² Equity. See details »

³ Long-term notes payable, including current portion. See details »

⁴ Operating lease liability. See details »

Jan 31, 2017

	Capital (fair value)¹	Weights					Cost of capital
Equity²	18,471,833)	18,471,833)	÷	20,193,395)	=	0.91	0.91	×	18.35%	=	16.78%
Long-term notes payable, including current portion³	1,526,700)	1,526,700)	÷	20,193,395)	=	0.08	0.08	×	3.17% × (1 – 35.00%)	=	0.16%
Operating lease liability⁴	194,862)	194,862)	÷	20,193,395)	=	0.01	0.01	×	3.17% × (1 – 35.00%)	=	0.02%
Total:	20,193,395)					1.00					16.96%

Based on: 10-K (reporting date: 2017-01-31).

¹ US$ in thousands

² Equity. See details »

³ Long-term notes payable, including current portion. See details »

⁴ Operating lease liability. See details »

Jan 31, 2016

	Capital (fair value)¹	Weights					Cost of capital
Equity²	12,861,215)	12,861,215)	÷	14,585,733)	=	0.88	0.88	×	18.35%	=	16.18%
Long-term notes payable, including current portion³	1,494,900)	1,494,900)	÷	14,585,733)	=	0.10	0.10	×	3.17% × (1 – 35.00%)	=	0.21%
Operating lease liability⁴	229,618)	229,618)	÷	14,585,733)	=	0.02	0.02	×	3.17% × (1 – 35.00%)	=	0.03%
Total:	14,585,733)					1.00					16.42%

Based on: 10-K (reporting date: 2016-01-31).

¹ US$ in thousands

² Equity. See details »

³ Long-term notes payable, including current portion. See details »

⁴ Operating lease liability. See details »

Autodesk Inc., economic spread ratio calculation, comparison to benchmarks

	Jan 31, 2021	Jan 31, 2020	Jan 31, 2019	Jan 31, 2018	Jan 31, 2017	Jan 31, 2016
Selected Financial Data (US$ in thousands)
Economic profit¹	(183,143)	245,919)	(731,392)	(924,515)	(906,031)	(288,203)
Invested capital²	5,723,300)	5,534,900)	4,411,650)	3,237,189)	3,430,162)	3,614,318)
Performance Ratio
Economic spread ratio³	-3.20%	4.44%	-16.58%	-28.56%	-26.41%	-7.97%
Benchmarks
Economic Spread Ratio, Competitors⁴
Accenture PLC	10.70%	11.26%	9.99%	10.23%	—	—
Adobe Inc.	13.43%	5.70%	3.81%	1.46%	—	—
International Business Machines Corp.	-4.35%	-4.09%	-0.36%	—	—	—
Intuit Inc.	2.75%	6.09%	19.76%	17.45%	—	—
Microsoft Corp.	32.99%	31.01%	26.13%	7.79%	—	—
Oracle Corp.	7.19%	1.50%	4.21%	-4.79%	—	—
Palo Alto Networks Inc.	-1.92%	-2.95%	0.29%	-2.53%	—	—
Salesforce Inc.	-7.23%	-10.27%	-6.26%	—	—	—
ServiceNow Inc.	5.64%	7.27%	6.67%	—	—	—
Synopsys Inc.	-3.02%	-2.84%	-5.84%	-7.21%	—	—

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 Economic profit. See details »

² Invested capital. See details »

³ 2021 Calculation
Economic spread ratio = 100 × Economic profit ÷ Invested capital
= 100 × -183,143 ÷ 5,723,300 = -3.20%

⁴ Click competitor name to see calculations.

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Performance ratio	Description	The company
Economic spread ratio	The ratio of economic profit to invested capital, also equal to the difference between return on invested capital (ROIC) and cost of capital.	Autodesk Inc. economic spread ratio improved from 2019 to 2020 but then slightly deteriorated from 2020 to 2021.

Autodesk Inc., economic profit margin calculation, comparison to benchmarks

	Jan 31, 2021	Jan 31, 2020	Jan 31, 2019	Jan 31, 2018	Jan 31, 2017	Jan 31, 2016
Selected Financial Data (US$ in thousands)
Economic profit¹	(183,143)	245,919)	(731,392)	(924,515)	(906,031)	(288,203)

Net revenue	3,790,400)	3,274,300)	2,569,800)	2,056,600)	2,031,000)	2,504,100)
Add: Increase (decrease) in deferred revenue	353,100)	915,700)	136,300)	167,100)	268,800)	362,100)
Adjusted net revenue	4,143,500)	4,190,000)	2,706,100)	2,223,700)	2,299,800)	2,866,200)
Performance Ratio
Economic profit margin²	-4.42%	5.87%	-27.03%	-41.58%	-39.40%	-10.06%
Benchmarks
Economic Profit Margin, Competitors³
Accenture PLC	5.48%	5.73%	4.62%	4.29%	—	—
Adobe Inc.	16.74%	8.19%	5.72%	2.39%	—	—
International Business Machines Corp.	-8.30%	-7.11%	-0.61%	—	—	—
Intuit Inc.	3.49%	6.85%	13.16%	11.60%	—	—
Microsoft Corp.	27.38%	23.02%	19.33%	5.52%	—	—
Oracle Corp.	14.22%	3.42%	7.67%	-8.65%	—	—
Palo Alto Networks Inc.	-2.58%	-4.79%	0.32%	-3.75%	—	—
Salesforce Inc.	-16.58%	-25.28%	-12.32%	—	—	—
ServiceNow Inc.	4.88%	5.93%	4.89%	—	—	—
Synopsys Inc.	-4.80%	-4.88%	-10.09%	-12.31%	—	—

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 Economic profit. See details »

² 2021 Calculation
Economic profit margin = 100 × Economic profit ÷ Adjusted net revenue
= 100 × -183,143 ÷ 4,143,500 = -4.42%

³ Click competitor name to see calculations.

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Performance ratio	Description	The company
Economic profit margin	The ratio of economic profit to sales. It is the company profit margin covering income efficiency and asset management. Economic profit margin is not biased in favor of capital-intensive business models, because any added capital is a cost to the economic profit margin.	Autodesk Inc. economic profit margin improved from 2019 to 2020 but then slightly deteriorated from 2020 to 2021.

Autodesk Inc. (NASDAQ:ADSK)

Economic Value Added (EVA)

Economic Profit

Net Operating Profit after Taxes (NOPAT)

Cash Operating Taxes

Invested Capital

Cost of Capital

Economic Spread Ratio

Economic Profit Margin