Autodesk Inc., FCFF 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)
Net noncash charges	(217,600)	488,600)	371,800)	432,100)	395,000)	553,900)
Changes in operating assets and liabilities, net of business combinations	446,600)	712,000)	86,100)	135,700)	356,800)	190,600)
Net cash provided by operating activities	1,437,200)	1,415,100)	377,100)	900)	169,700)	414,000)
Cash paid during the year for interest, net of tax¹	49,533)	51,542)	46,610)	15,528)	30,940)	22,555)
Purchases of developed technologies	(4,800)	—)	—)	—)	—)	—)
Capital expenditures	(91,100)	(53,200)	(67,000)	(50,700)	(76,000)	(72,400)
Free cash flow to the firm (FCFF)	1,390,833)	1,413,442)	356,710)	(34,272)	124,640)	364,155)

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
FCFF	Free cash flow to the firm is the cash flow available to the Autodesk Inc. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Autodesk Inc. FCFF increased from 2019 to 2020 but then slightly decreased from 2020 to 2021.

Autodesk Inc., interest paid, net of tax 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
Effective Income Tax Rate (EITR)
EITR¹	21.00%	23.98%	21.00%	71.56%	35.00%	35.00%
Interest Paid, Net of Tax
Cash paid during the year for interest, before tax	62,700)	67,800)	59,000)	54,600)	47,600)	34,700)
Less: Cash paid during the year for interest, tax²	13,167)	16,258)	12,390)	39,072)	16,660)	12,145)
Cash paid during the year for interest, net of tax	49,533)	51,542)	46,610)	15,528)	30,940)	22,555)

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 See details »

² 2021 Calculation
Cash paid during the year for interest, tax = Cash paid during the year for interest × EITR
= 62,700 × 21.00% = 13,167

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Autodesk Inc., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in thousands)
Enterprise value (EV)	56,757,512)
Free cash flow to the firm (FCFF)	1,390,833)
Valuation Ratio
EV/FCFF	40.81
Benchmarks
EV/FCFF, Competitors¹
Accenture PLC	21.17
Adobe Inc.	29.05
International Business Machines Corp.	15.10
Intuit Inc.	34.36
Microsoft Corp.	50.56
Oracle Corp.	34.48
Palo Alto Networks Inc.	33.75
Salesforce Inc.	26.62
ServiceNow Inc.	52.52
Synopsys Inc.	50.40
EV/FCFF, Sector
Software & Services	41.95
EV/FCFF, Industry
Information Technology	39.22

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

¹ Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

Autodesk Inc., historical EV/FCFF 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)
Enterprise value (EV)¹	57,203,385)	33,000,282)	35,094,003)	28,953,264)	18,062,633)	12,098,015)
Free cash flow to the firm (FCFF)²	1,390,833)	1,413,442)	356,710)	(34,272)	124,640)	364,155)
Valuation Ratio
EV/FCFF³	41.13	23.35	98.38	—	144.92	33.22
Benchmarks
EV/FCFF, Competitors⁴
Accenture PLC	24.76	17.90	18.49	17.18	—	—
Adobe Inc.	33.61	40.43	40.48	31.36	—	—
International Business Machines Corp.	13.10	9.35	12.86	—	—	—
Intuit Inc.	48.64	37.90	33.30	27.69	—	—
Microsoft Corp.	38.37	33.99	26.37	23.99	—	—
Oracle Corp.	16.36	14.99	14.03	11.11	—	—
Palo Alto Networks Inc.	32.74	26.50	20.44	22.33	—	—
Salesforce Inc.	44.91	39.63	41.21	—	—	—
ServiceNow Inc.	60.13	83.74	67.96	—	—	—
Synopsys Inc.	38.59	42.88	33.32	37.07	—	—
EV/FCFF, Sector
Software & Services	31.90	27.10	23.26	—	—	—
EV/FCFF, Industry
Information Technology	27.93	24.12	19.69	—	—	—

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 See details »

² See details »

³ 2021 Calculation
EV/FCFF = EV ÷ FCFF
= 57,203,385 ÷ 1,390,833 = 41.13

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	Autodesk Inc. EV/FCFF ratio decreased from 2019 to 2020 but then slightly increased from 2020 to 2021.

Autodesk Inc. (NASDAQ:ADSK)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical