Stock Analysis on Net
Stock Analysis on Net

Autodesk Inc. (NASDAQ:ADSK)

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Economic Value Added (EVA)

Microsoft Excel LibreOffice Calc

EVA is registered trademark of Stern Stewart.

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

Autodesk Inc., economic profit calculation

US$ in thousands

Microsoft Excel LibreOffice Calc
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
Cost of capital2
Invested capital3
 
Economic profit4

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 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
= – × =

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

Net Operating Profit after Taxes (NOPAT)

Autodesk Inc., NOPAT calculation

US$ in thousands

Microsoft Excel LibreOffice Calc
12 months ended: Jan 31, 2021 Jan 31, 2020 Jan 31, 2019 Jan 31, 2018 Jan 31, 2017 Jan 31, 2016
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: 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 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
= × =

7 2021 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 2019 to 2020 but then slightly decreased from 2020 to 2021.

Cash Operating Taxes

Autodesk Inc., cash operating taxes calculation

US$ in thousands

Microsoft Excel LibreOffice Calc
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)
Less: Deferred income tax expense (benefit)
Add: Tax savings from interest and investment expense, net
Cash operating taxes

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).

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 increased from 2019 to 2020 and from 2020 to 2021.

Invested Capital

Autodesk Inc., invested capital calculation (financing approach)

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
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: 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 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 2019 to 2020 and from 2020 to 2021.

Cost of Capital

Autodesk Inc., cost of capital calculations

Capital (fair value)1 Weights Cost of capital
Equity2 ÷ = × =
Long-term notes payable, including current portion3 ÷ = × × (1 – 21.00%) =
Operating lease liability4 ÷ = × × (1 – 21.00%) =
Total:

Based on: 10-K (filing date: 2021-03-19).

1 US$ in thousands

2 Equity. See details »

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

4 Operating lease liability. See details »

Capital (fair value)1 Weights Cost of capital
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 »

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

4 Operating lease liability. See details »

Capital (fair value)1 Weights Cost of capital
Equity2 ÷ = × =
Long-term notes payable, including current portion3 ÷ = × × (1 – 21.00%) =
Operating lease liability4 ÷ = × × (1 – 21.00%) =
Total:

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

1 US$ in thousands

2 Equity. See details »

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

4 Operating lease liability. See details »

Capital (fair value)1 Weights Cost of capital
Equity2 ÷ = × =
Long-term notes payable, including current portion3 ÷ = × × (1 – 33.81%) =
Operating lease liability4 ÷ = × × (1 – 33.81%) =
Total:

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

1 US$ in thousands

2 Equity. See details »

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

4 Operating lease liability. See details »

Capital (fair value)1 Weights Cost of capital
Equity2 ÷ = × =
Long-term notes payable, including current portion3 ÷ = × × (1 – 35.00%) =
Operating lease liability4 ÷ = × × (1 – 35.00%) =
Total:

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

1 US$ in thousands

2 Equity. See details »

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

4 Operating lease liability. See details »

Capital (fair value)1 Weights Cost of capital
Equity2 ÷ = × =
Long-term notes payable, including current portion3 ÷ = × × (1 – 35.00%) =
Operating lease liability4 ÷ = × × (1 – 35.00%) =
Total:

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

1 US$ in thousands

2 Equity. See details »

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

4 Operating lease liability. See details »

Economic Spread Ratio

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

Microsoft Excel LibreOffice Calc
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
Invested capital2
Performance Ratio
Economic spread ratio3
Benchmarks
Economic Spread Ratio, Competitors4
Accenture PLC
Adobe Inc.
Automatic Data Processing Inc.
Fidelity National Information Services Inc.
Fiserv Inc.
International Business Machines Corp.
Intuit Inc.
Mastercard Inc.
Microsoft Corp.
Oracle Corp.
PayPal Holdings Inc.
salesforce.com inc.
ServiceNow Inc.
Visa Inc.

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 Economic profit. See details »

2 Invested capital. See details »

3 2021 Calculation
Economic spread ratio = 100 × Economic profit ÷ Invested capital
= 100 × ÷ =

4 Click competitor name to see calculations.

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.’s economic spread ratio improved from 2019 to 2020 but then slightly deteriorated from 2020 to 2021.

Economic Profit Margin

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

Microsoft Excel LibreOffice Calc
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
 
Net revenue
Add: Increase (decrease) in deferred revenue
Adjusted net revenue
Performance Ratio
Economic profit margin2
Benchmarks
Economic Profit Margin, Competitors3
Accenture PLC
Adobe Inc.
Automatic Data Processing Inc.
Fidelity National Information Services Inc.
Fiserv Inc.
International Business Machines Corp.
Intuit Inc.
Mastercard Inc.
Microsoft Corp.
Oracle Corp.
PayPal Holdings Inc.
salesforce.com inc.
ServiceNow Inc.
Visa Inc.

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 Economic profit. See details »

2 2021 Calculation
Economic profit margin = 100 × Economic profit ÷ Adjusted net revenue
= 100 × ÷ =

3 Click competitor name to see calculations.

Performance ratio Description The company
Economic profit margin The ratio of economic profit to sales. It is the company’s 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.’s economic profit margin improved from 2019 to 2020 but then slightly deteriorated from 2020 to 2021.