Autodesk Inc. (NASDAQ:ADSK)

Total Asset Turnover

The reported total asset turnover ratio slightly declined from 0.54 in 2019 to 0.51 in 2022, followed by a modest increase to 0.55 by 2024, indicating relatively stable asset utilization with minor fluctuations. The adjusted total asset turnover shows more pronounced variability, reaching a peak of 0.69 in 2023 before decreasing to 0.59 in 2024, which suggests changes in asset efficiency after adjustments over the period.

Current Ratio

The reported current ratio improved from 0.70 in 2019 to a peak of 0.84 in 2023, suggesting better short-term liquidity, though it slightly dipped to 0.82 in 2024. The adjusted current ratio is notably higher and more volatile, starting at 3.03 in 2019, dipping to 2.42 in 2022, then increasing significantly to 4.21 by 2024. This indicates strong liquidity when adjusted for certain factors, with considerable variability year over year.

Debt to Equity Ratio

The reported debt to equity ratio data begins in 2021, where it was 1.70, rising sharply to 3.09 in 2022 before steadily declining to 1.23 in 2024. In contrast, the adjusted debt to equity ratio has been decreasing consistently from 1.29 in 2019 to 0.52 in 2024, reflecting a trend toward lower leverage on an adjusted basis, which may indicate improved capital structure management.

Debt to Capital Ratio

The reported debt to capital ratio declined notably from 1.11 in 2019 to 0.55 in 2024, demonstrating decreased reliance on debt relative to capital over time. Similarly, the adjusted debt to capital ratio fell from 0.56 to 0.34 in the same period, reinforcing the view of a strengthening balance sheet with reduced financial risk due to lower debt levels.

Financial Leverage

Reported financial leverage data begins in 2021 at a very high level of 7.54, peaking at 10.14 in 2022, then declining to 5.34 in 2024, indicating fluctuating but overall high leverage. Adjusted financial leverage shows a gradual reduction from 2.64 in 2019 to 1.75 in 2024, suggesting effective deleveraging when adjustments are considered, and a more conservative financial risk profile.

Net Profit Margin

The reported net profit margin started negative in 2019 at -3.14%, improved substantially to 31.88% in 2021, then stabilized around mid-teens percentages through 2023 and 2024. The adjusted net profit margin shows a sharp improvement from -0.79% in 2019 to over 22% in 2023, though it dropped to 8.82% in 2024, indicating variability in profitability that may be influenced by adjustments reflecting operational performance.

Return on Equity (ROE)

Reported ROE was exceptionally high in 2021 at 125.14%, then declined to 48.84% by 2024, suggesting a significant decrease in equity returns after initial peak performance. Adjusted ROE shows a rising trend from -1.12% in 2019 to a peak of 26.90% in 2023, but then a notable drop to 9.04% in 2024, revealing more moderate but improving returns with some deterioration in the last year.

Return on Assets (ROA)

Reported ROA improved from negative -1.71% in 2019 to 16.6% in 2021, subsequently declining but remaining positive around 9% by 2024. Adjusted ROA mirrors this pattern with growth from -0.42% to 18.22% by 2020, followed by a decline to 5.18% in 2024. This indicates initial efficiency gains in asset utilization that tapered off in later years.

Net Revenue

Over the six-year period, net revenue exhibits a consistent upward trend, increasing from $2,570 million in 2019 to $5,497 million in 2024. This represents a growth rate of over 100%, reflecting sustained revenue expansion year over year.

Total Assets

Total assets also show continuous growth, rising from $4,729 million in 2019 to $9,912 million in 2024. This indicates substantial asset base expansion, nearly doubling over the period, which may support the company's expanding operations and revenue growth.

Reported Total Asset Turnover

The reported total asset turnover ratio is relatively stable, fluctuating slightly between 0.51 and 0.55 during the period. This suggests that the efficiency with which the company generates revenue from its assets has remained mostly steady, with a minor decline observed around 2021 and 2022, followed by a rebound in 2023 and 2024.

Adjusted Net Revenue

Adjusted net revenue differs from reported net revenue by showing fluctuations particularly notable in 2020 with a substantial increase to $4,190 million, followed by some variability in the subsequent years. Although it peaks at $5,795 million in 2023, a decline to $5,181 million occurs in 2024, indicating possible adjustments for non-recurring items or other accounting considerations impacting revenue figures.

Adjusted Total Assets

Adjusted total assets also increase over time but at a different pace compared to reported total assets. They grow from $5,023 million in 2019 to $8,823 million in 2024, showing less volatility and a steady increase, which may reflect adjustments for assets under different valuation or classification rules.

Adjusted Total Asset Turnover

The adjusted total asset turnover ratio demonstrates more variation compared to the reported figure, peaking at 0.69 in 2020 and 2023 but showing a downward trend to 0.59 in 2024. This variability suggests fluctuations in operational efficiency when examining adjusted figures, potentially reflecting changes in revenue recognition or asset valuation methodologies in those periods.

The analysis of annual financial data reveals notable trends in liquidity and short-term financial position over the six-year period.

Current Assets

Current assets show a consistent upward trend, increasing from 1,620 million US dollars in 2019 to 3,579 million US dollars by 2024. This gradual increase indicates improved asset accumulation or cash equivalents available for short-term obligations.

Current Liabilities

Current liabilities also rose over the same period, from 2,301 million US dollars in 2019 to 4,351 million US dollars in 2024. The rising liabilities suggest a growing amount of obligations falling due within one year, which could signal increased operational activities or financing needs.

Reported Current Ratio

The reported current ratio fluctuates modestly, starting at 0.7 in 2019, improving slightly to 0.83 in 2020 and 2021, declining to 0.69 in 2022, then increasing to 0.84 in 2023 and marginally decreasing to 0.82 in 2024. The ratio consistently remains below or around 1.0, which may indicate that current liabilities exceed current assets, potentially signaling tighter liquidity conditions based on reported figures.

Adjusted Current Assets

Adjusted current assets follow a similar upward trajectory as the reported current assets, increasing from 1,622 million US dollars in 2019 to 3,583 million US dollars in 2024. The close alignment with reported current assets suggests adjustments are relatively minor or stabilize over time.

Adjusted Current Liabilities

Adjusted current liabilities, however, exhibit a markedly different pattern compared to reported liabilities, initially starting at 536 million US dollars in 2019, rising significantly to 1,043 million in 2020, then fluctuating downwards and upwards before settling at 851 million in 2024. These adjusted figures are consistently much lower than reported liabilities, indicating substantial reclassification or exclusion of certain elements from liabilities for adjustment purposes.

Adjusted Current Ratio

The adjusted current ratio remains robust and above the conventional benchmark of 1.0 throughout the period. It starts at 3.03 in 2019, dips to 2.55 in 2020, peaks at 4.2 in 2023, and stabilizes at 4.21 in 2024. These elevated ratios suggest strong liquidity and a comfortable cushion of adjusted assets to meet adjusted short-term obligations, contrasting with the reported ratio's tighter liquidity position.

In summary, while reported current assets and liabilities both increase, the reported current ratio indicates a liquidity position close to or below the ideal level of 1.0, reflecting potential liquidity pressure. In contrast, adjustments to assets and liabilities reveal significantly lower adjusted liabilities and consequently much higher adjusted current ratios, signaling a healthier liquidity state when adjusted considerations are applied. This disparity underscores the importance of differentiating between reported and adjusted measures in assessing true short-term financial strength.

Total Debt

The total debt amount fluctuated over the years, starting at US$2,088 million in 2019 and remaining nearly stable in 2020 at US$2,085 million. It then decreased to US$1,637 million in 2021 before rising again to a peak of US$2,628 million in 2022. Subsequently, total debt declined slightly to US$2,281 million in 2023 and remained almost constant at US$2,284 million in 2024.

Stockholders’ Equity (Deficit)

Stockholders' equity improved significantly from a deficit of US$211 million in 2019 and US$139 million in 2020 to a positive value of US$966 million in 2021. Although it decreased somewhat to US$849 million in 2022, it rose again to US$1,145 million in 2023 and further increased to US$1,855 million in 2024, indicating strengthening equity position over this period.

Reported Debt to Equity Ratio

This ratio was reported starting from 2021. It peaked at 3.09 in 2022, indicating a relatively high leverage, then reduced markedly to 1.99 in 2023 and continued to decline to 1.23 in 2024, suggesting an improving balance between debt and equity.

Adjusted Total Debt

Adjusted total debt was higher than reported total debt across all periods. It rose from US$2,445 million in 2019 to US$2,545 million in 2020, then declined to US$2,105 million in 2021. A notable increase occurred in 2022 to US$3,060 million, followed by a decrease to US$2,666 million in 2023 and further to US$2,626 million in 2024. This trend mirrors the pattern seen in reported total debt but on an elevated scale.

Adjusted Stockholders’ Equity (Deficit)

Adjusted equity showed consistent growth, increasing from US$1,899 million in 2019 to US$2,899 million in 2020. This upward trend continued through subsequent years to US$3,578 million in 2021, US$3,932 million in 2022, US$4,748 million in 2023, and reached US$5,053 million in 2024, reflecting a steady strengthening of the company’s equity base on an adjusted basis.

Adjusted Debt to Equity Ratio

The adjusted debt to equity ratio declined steadily throughout the period. Beginning at 1.29 in 2019, it dropped to 0.88 in 2020 and continued to decrease to 0.59 in 2021. Despite a slight increase to 0.78 in 2022, it resumed its downward trend to 0.56 in 2023 and further to 0.52 in 2024. This suggests improving financial leverage and a greater equity cushion when considering adjusted values.

Total debt

Total debt exhibited fluctuations over the six-year period. It started at $2,088 million in 2019, remained almost stable in 2020, then declined significantly to $1,637 million in 2021. Subsequently, debt increased sharply in 2022 to $2,628 million, followed by a reduction to $2,281 million in 2023 and a slight increase to $2,284 million in 2024. This pattern suggests variability in debt issuance and repayment practices.

Total capital

Total capital showed a consistent upward trend from 2019 through 2024. Beginning at $1,877 million in 2019, it increased steadily each year, reaching $4,139 million in 2024. This growth indicates an expansion in the company's overall capital base, possibly through equity or retained earnings alongside debt.

Reported debt to capital ratio

The reported debt to capital ratio decreased significantly from 1.11 in 2019 to 0.55 in 2024. The initial ratio above 1 indicates total debt exceeded total capital in earlier years, but the downward trend reflects improved capital structure and reduced reliance on debt relative to capital. Notably, the ratio fell sharply after 2020, illustrating better financial leverage management.

Adjusted total debt

Adjusted total debt followed a pattern similar to total debt but with higher absolute values each year, starting at $2,445 million in 2019 and fluctuating around mid-$2,000 million levels in recent years. There was a peak in 2022 at $3,060 million followed by declines. The adjustment suggests inclusion of other liabilities or debt-like obligations, demonstrating a broader view of leverage.

Adjusted total capital

Adjusted total capital consistently increased from $4,344 million in 2019 to $7,679 million in 2024. This growth paralleled total capital increases but at a higher scale, which may incorporate additional components like off-balance sheet items or adjustments to equity values, showing an expanding financial foundation.

Adjusted debt to capital ratio

The adjusted debt to capital ratio declined steadily from 0.56 in 2019 to 0.34 in 2024. This indicates a consistent reduction in adjusted leverage over time, reflecting improved financial stability and a declining proportion of adjusted debt relative to the company's adjusted capital base. The downward trajectory suggests strengthening equity or retained earnings relative to liabilities.

The annual financial data reveals several notable trends in the company's financial position and leverage ratios over the six-year period.

Total Assets

Total assets have demonstrated steady growth from 4,729 million US dollars in 2019 to 9,912 million US dollars in 2024, reflecting an overall increase in asset base by approximately 110%. This indicates expanding operations or acquisitions contributing to asset accumulation.

Stockholders’ Equity (Deficit)

The reported stockholders’ equity shows a significant improvement over the years. Initially, there was a deficit of 211 million US dollars in 2019 and 139 million in 2020. From 2021 onwards, equity turned positive and further increased, reaching 1,855 million US dollars by 2024. This transition from deficit to positive equity suggests improved financial health and accumulation of retained earnings or capital injections.

Reported Financial Leverage

Reported financial leverage data is available from 2021 onwards, showing initially high leverage ratios of 7.54 in 2021 and peaking at 10.14 in 2022, followed by a decline to 8.24 in 2023 and further down to 5.34 in 2024. The initial high leverage indicates heavy reliance on debt relative to equity, but the subsequent decline may reflect efforts to reduce debt levels or increase equity.

Adjusted Total Assets

Adjusted total assets similarly increased from 5,023 million US dollars in 2019 to 8,823 million in 2024. The increase is consistent but less pronounced than in the unadjusted total assets, implying that adjustments account for certain asset valuations or classifications that moderate the growth rate.

Adjusted Stockholders’ Equity (Deficit)

The adjusted equity line shows continuous growth from 1,899 million US dollars in 2019 to 5,053 million in 2024. This upward trend confirms a strengthening capital base when adjustments are considered, suggesting improved solvency and financial stability.

Adjusted Financial Leverage

The adjusted financial leverage ratio has steadily decreased over time, moving from 2.64 in 2019 to 1.75 in 2024. This downward slope indicates a reduction in financial risk, with the company relying less on debt financing relative to equity. The gradual decline suggests consistent improvement in leverage management and a more conservative capital structure.

Overall, the data indicates that the company has expanded its asset base and strengthened its equity position significantly over six years. While reported leverage was initially very high, adjusted leverage ratios present a more moderate and declining risk profile, reflecting improved financial prudence and healthier capital structure dynamics.

Over the analyzed period, the company exhibited significant growth in net revenue, increasing steadily from $2,570 million in early 2019 to $5,497 million by the start of 2024. This upward trajectory indicates a strong ability to expand sales and generate higher overall income.

Net income showed notable volatility, with a substantial loss of $81 million in early 2019 turning into a profit of $215 million by 2020, and then surging to $1,208 million in 2021. However, net income declined to $497 million in 2022 before increasing again to reach $906 million in 2024. This pattern suggests fluctuations in profitability despite ongoing revenue growth, possibly reflecting variable costs or extraordinary items affecting net results.

The reported net profit margin mirrored these fluctuations, starting negative at -3.14% in 2019, rising sharply to 31.88% in 2021, then declining to around 16% in the last two years. This indicates periods of both strong profitability and moderated margins, aligning with the observed income volatility.

Adjusted net income behaved somewhat differently, starting with a smaller loss of $21 million in 2019, growing to $1,116 million in 2020, and fluctuating thereafter to $457 million by 2024. The adjusted figures suggest that certain extraordinary or one-time factors influenced reported net income, as adjusted income tends to be less volatile year-over-year.

Adjusted net revenue consistently increased from $2,706 million in 2019, peaking at $5,795 million in 2023 before slightly declining to $5,181 million in 2024. This decline in adjusted net revenue in 2024 contrasts with the continued increase in reported net revenue, indicating some adjustments or reclassifications impacting the adjusted figures.

The adjusted net profit margin saw a substantial increase from a negative -0.79% to a peak of 26.64% in 2020, subsequently decreasing to 8.82% by 2024. This declining trend in adjusted profit margin over recent years contrasts with the more stable reported net profit margin, demonstrating changes in operational efficiency or cost structures under adjusted metrics.

Revenue Trends

Steady growth in reported net revenue over six years, with adjusted net revenue generally following but showing a slight decline in the latest period.

Profitability Volatility

Net income fluctuated significantly, with a large loss turning into high profit and then stabilizing at a lower yet positive level, suggesting variable impacts on earnings.

Profit Margins

Reported net profit margin improved from negative in 2019 to a stable range around 16% in recent years, while adjusted margin peaked early and declined substantially by 2024.

Adjusted vs. Reported Figures

Adjusted net income and margin figures reflect less volatility early on but show a decline in recent years, contrasting with the relatively stable reported profit margins, highlighting the impact of adjustments on profitability analysis.

Net Income (Loss)

The net income showed a significant recovery from a loss of $81 million in 2019 to a profit of $1,208 million in 2021. This was followed by a decrease to $497 million in 2022, before increasing again to $906 million in 2024. Overall, the trend indicates substantial volatility with an upward trajectory in recent years.

Stockholders’ Equity (Deficit)

The stockholders’ equity improved notably from a deficit of $211 million in 2019 to a positive equity of $1,855 million by 2024. The increase was steady despite a slight dip in 2022, suggesting strengthening financial stability and capital base over the period.

Reported Return on Equity (ROE)

Reported ROE was not available for 2019 and 2020. Starting in 2021, it showed an exceptionally high 125.14%, then declined to 48.84% by 2024. The large initial value and subsequent decline could reflect large variations in net income or equity, indicating volatility in return generation efficiency.

Adjusted Net Income (Loss)

Adjusted net income experienced dramatic growth from a loss of $21 million in 2019 to a peak of $1,277 million in 2023, followed by a significant decrease to $457 million in 2024. The adjustment highlights earnings performance excluding certain factors, showing an overall positive yet fluctuating profitability trend.

Adjusted Stockholders’ Equity (Deficit)

This metric consistently increased from $1,899 million in 2019 to $5,053 million in 2024, indicating sustained growth in the company's adjusted equity base. This steady rise reflects enhanced retained earnings and possibly capital contributions, reinforcing the fundamental financial health.

Adjusted Return on Equity (ROE)

Adjusted ROE began at -1.12% in 2019, improved sharply to 38.5% in 2020, and then stabilized around the 20-27% range through 2023 before dropping to 9.04% in 2024. This pattern suggests that the company improved its profitability relative to adjusted equity significantly early in the period but faced reduced efficiency in the latest year.

The financial performance and position over the six-year period show notable fluctuations and evolving trends. The net income experienced a substantial improvement from a loss of 81 million USD in 2019 to significant profitability in the following years, peaking at 1,208 million USD in 2021 before declining to 906 million USD in 2024. Total assets consistently increased each year, nearly doubling from 4,729 million USD in 2019 to 9,912 million USD in 2024, indicating ongoing asset growth and potential expansion.

The reported Return on Assets (ROA) reflects similar volatility, commencing with a negative return in 2019 (-1.71%), then rising sharply to 16.6% in 2021, followed by a decline but remaining positive through to 2024, ending at 9.14%. This suggests improved asset profitability over the period but with some variability likely linked to fluctuations in net income.

Adjusted net income figures display a different pattern, starting with a loss of 21 million USD in 2019, rising strongly to 1,116 million USD in 2020, then showing some inconsistency with values between 457 million USD and 1,277 million USD in subsequent years. This variability may reflect adjustments for extraordinary items or non-recurring events, providing an alternative perspective on core earnings.

Adjusted total assets also grew steadily, from 5,023 million USD in 2019 to 8,823 million USD in 2024, though this increase is somewhat less pronounced than the growth in reported total assets. The adjusted ROA follows a distinct trend; it peaked at 18.22% in 2020, then gradually decreased to 5.18% by 2024. This decline indicates that while asset base expanded, the efficiency in generating adjusted earnings from those assets diminished in the later years.

Overall, the data highlights a trajectory of significant growth in asset size accompanied by fluctuations in profitability measures. The reported figures suggest strong recovery and growth in net income post-2019, with considerable gains in asset utilization efficiency until 2021. Adjusted figures portray a somewhat less optimistic but still positive outlook, signaling underlying operational performance adjustments. The contrasting trends between reported and adjusted ROA merit further inquiry to understand the impact of accounting adjustments on profitability metrics.

Net Income (Loss)

Turned from negative in 2019 to substantial positive values, peaking in 2021 and declining somewhat thereafter.

Total Assets

Consistently increased over the six years, nearly doubling in size.

Reported ROA

Displayed strong improvement from negative to high positive values, though with some declines after 2021.

Adjusted Net Income (Loss)

Showed large gains after 2019 but with more volatility, including a peak in 2023.

Adjusted Total Assets

Increased steadily but at a slower pace compared to reported total assets.

Adjusted ROA

Peaked in 2020 then declined steadily through 2024, indicating reduced earnings efficiency on adjusted bases.