An operating lease is treated like a rental contract. Neither the leased asset nor the associated liability is reported on the lessee statement of financial position, but the rights may be very similar to the rights of an owner. The lessee only records the lease payments as a rental expense in income statement.

Present Value of Future Operating Lease Payments
Analyst Adjustments for Operating Leases
Adjusted Ratios for Operating Leases (Summary)
Adjusted Total Asset Turnover
Adjusted Debt to Equity
Adjusted Return on Assets (ROA)
Adjusted Interest Coverage
Estimation of Depreciation Expense, Operating Leased Assets
Estimation of Interest Expense, Operating Lease Obligations
Present Value of Operating Lease Payments, at Beginning of Year

Accenture PLC, future operating lease payments

		Aug 31, 2018	Aug 31, 2017	Aug 31, 2016	Aug 31, 2015	Aug 31, 2014	Aug 31, 2013
	Total undiscounted future operating lease payments (USD $ in thousands)
	Discount rate¹

	Total present value of future operating lease payments (USD $ in thousands)

Based on: 10-K (filing date: 2018-10-24), 10-K (filing date: 2017-10-26), 10-K (filing date: 2016-10-28), 10-K (filing date: 2015-10-30), 10-K (filing date: 2014-10-24), 10-K (filing date: 2013-10-29).

¹ Operating leases interest rate (unknown)

Year	Future operating lease payments (as reported)	Year	Future operating lease payments (estimated)	Present value at
2019		2019
2020		2020
2021		2021
2022		2022
2023		2023
2024 and thereafter		2024
		2025
		2026
		2027
Total:

Based on: 10-K (filing date: 2018-10-24).

Year	Future operating lease payments (as reported)	Year	Future operating lease payments (estimated)	Present value at
2018		2018
2019		2019
2020		2020
2021		2021
2022		2022
2023 and thereafter		2023
		2024
		2025
		2026
		2027
Total:

Based on: 10-K (filing date: 2017-10-26).

Year	Future operating lease payments (as reported)	Year	Future operating lease payments (estimated)	Present value at
2017		2017
2018		2018
2019		2019
2020		2020
2021		2021
2022 and thereafter		2022
		2023
		2024
		2025
Total:

Based on: 10-K (filing date: 2016-10-28).

Year	Future operating lease payments (as reported)	Year	Future operating lease payments (estimated)	Present value at
2016		2016
2017		2017
2018		2018
2019		2019
2020		2020
2021 and thereafter		2021
		2022
		2023
		2024
Total:

Based on: 10-K (filing date: 2015-10-30).

Year	Future operating lease payments (as reported)	Year	Future operating lease payments (estimated)	Present value at
2015		2015
2016		2016
2017		2017
2018		2018
2019		2019
2020 and thereafter		2020
		2021
		2022
		2023
Total:

Based on: 10-K (filing date: 2014-10-24).

Year	Future operating lease payments (as reported)	Year	Future operating lease payments (estimated)	Present value at
2014		2014
2015		2015
2016		2016
2017		2017
2018		2018
2019 and thereafter		2019
		2020
		2021
		2022
		2023
Total:

Based on: 10-K (filing date: 2013-10-29).

Accenture PLC, adjustments to financial data

USD $ in thousands

		Aug 31, 2018	Aug 31, 2017	Aug 31, 2016	Aug 31, 2015	Aug 31, 2014	Aug 31, 2013
	Adjustment to Total Assets
	Total assets (as reported)
	Add: Operating leased assets¹
	Total assets (adjusted)
	Adjustment to Total Debt
	Total debt (as reported)
	Add: Operating lease obligations²
	Total debt (adjusted)
	Adjustment to Earnings before Interest and Tax (EBIT)
	EBIT³ (as reported)
	Add-back: Rental expense
	Less: Depreciation expense, operating leased assets⁴
	EBIT (adjusted)
	Adjustment to Interest Expense
	Interest expense (as reported)
	Add: Interest expense, operating lease obligations⁵
	Interest expense (adjusted)

Based on: 10-K (filing date: 2018-10-24), 10-K (filing date: 2017-10-26), 10-K (filing date: 2016-10-28), 10-K (filing date: 2015-10-30), 10-K (filing date: 2014-10-24), 10-K (filing date: 2013-10-29).

^{1, 2} Equal to total present value of future operating lease payments. See Details »

³ See Details »

⁴ See Details »

⁵ See Details »

Accenture PLC, Financial Data: Reported vs. Adjusted

Accenture PLC, adjusted ratios

		Aug 31, 2018	Aug 31, 2017	Aug 31, 2016	Aug 31, 2015	Aug 31, 2014	Aug 31, 2013
	Total Asset Turnover¹
	Reported total asset turnover
	Adjusted total asset turnover
	Debt to Equity²
	Reported debt to equity
	Adjusted debt to equity
	Return on Assets³ (ROA)
	Reported ROA
	Adjusted ROA
	Interest Coverage⁴
	Reported interest coverage
	Adjusted interest coverage

Based on: 10-K (filing date: 2018-10-24), 10-K (filing date: 2017-10-26), 10-K (filing date: 2016-10-28), 10-K (filing date: 2015-10-30), 10-K (filing date: 2014-10-24), 10-K (filing date: 2013-10-29).

¹ See Details »

² See Details »

³ See Details »

⁴ See Details »

Ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Accenture PLC’s adjusted total asset turnover deteriorated from 2016 to 2017 but then improved from 2017 to 2018 not reaching 2016 level.
Adjusted debt-to-equity	A solvency ratio calculated as adjusted total debt divided by total shareholders’ equity.	Accenture PLC’s adjusted debt-to-equity deteriorated from 2016 to 2017 but then improved from 2017 to 2018 exceeding 2016 level.
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	Accenture PLC’s adjusted ROA deteriorated from 2016 to 2017 but then slightly improved from 2017 to 2018.
Adjusted interest coverage	A solvency ratio calculated as adjusted EBIT divided by adjusted interest payments.	Accenture PLC’s adjusted interest coverage deteriorated from 2016 to 2017 but then slightly improved from 2017 to 2018.

Accenture PLC, Ratios: Reported vs. Adjusted

		Aug 31, 2018	Aug 31, 2017	Aug 31, 2016	Aug 31, 2015	Aug 31, 2014	Aug 31, 2013
	As Reported
	Selected Financial Data (USD $ in thousands)
	Revenues
	Total assets
	Ratio
	Total asset turnover¹
	Adjusted for Operating Leases
	Selected Financial Data (USD $ in thousands)
	Revenues
	Adjusted total assets
	Ratio
	Adjusted total asset turnover²

Based on: 10-K (filing date: 2018-10-24), 10-K (filing date: 2017-10-26), 10-K (filing date: 2016-10-28), 10-K (filing date: 2015-10-30), 10-K (filing date: 2014-10-24), 10-K (filing date: 2013-10-29).

2018 Calculations

¹ Total asset turnover = Revenues ÷ Total assets
= hidden ÷ hidden = hidden

² Adjusted total asset turnover = Revenues ÷ Adjusted total assets
= hidden ÷ hidden = hidden

Ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Accenture PLC’s adjusted total asset turnover deteriorated from 2016 to 2017 but then improved from 2017 to 2018 not reaching 2016 level.

		Aug 31, 2018	Aug 31, 2017	Aug 31, 2016	Aug 31, 2015	Aug 31, 2014	Aug 31, 2013
	As Reported
	Selected Financial Data (USD $ in thousands)
	Total debt
	Total Accenture plc shareholders’ equity
	Ratio
	Debt to equity¹
	Adjusted for Operating Leases
	Selected Financial Data (USD $ in thousands)
	Adjusted total debt
	Total Accenture plc shareholders’ equity
	Ratio
	Adjusted debt to equity²

Based on: 10-K (filing date: 2018-10-24), 10-K (filing date: 2017-10-26), 10-K (filing date: 2016-10-28), 10-K (filing date: 2015-10-30), 10-K (filing date: 2014-10-24), 10-K (filing date: 2013-10-29).

2018 Calculations

¹ Debt to equity = Total debt ÷ Total Accenture plc shareholders’ equity
= hidden ÷ hidden = hidden

² Adjusted debt to equity = Adjusted total debt ÷ Total Accenture plc shareholders’ equity
= hidden ÷ hidden = hidden

Ratio	Description	The company
Adjusted debt-to-equity	A solvency ratio calculated as adjusted total debt divided by total shareholders’ equity.	Accenture PLC’s adjusted debt-to-equity deteriorated from 2016 to 2017 but then improved from 2017 to 2018 exceeding 2016 level.

		Aug 31, 2018	Aug 31, 2017	Aug 31, 2016	Aug 31, 2015	Aug 31, 2014	Aug 31, 2013
	As Reported
	Selected Financial Data (USD $ in thousands)
	Net income attributable to Accenture plc
	Total assets
	Ratio
	ROA¹
	Adjusted for Operating Leases
	Selected Financial Data (USD $ in thousands)
	Net income attributable to Accenture plc
	Adjusted total assets
	Ratio
	Adjusted ROA²

Based on: 10-K (filing date: 2018-10-24), 10-K (filing date: 2017-10-26), 10-K (filing date: 2016-10-28), 10-K (filing date: 2015-10-30), 10-K (filing date: 2014-10-24), 10-K (filing date: 2013-10-29).

2018 Calculations

¹ ROA = 100 × Net income attributable to Accenture plc ÷ Total assets
= 100 × hidden ÷ hidden = hidden

² Adjusted ROA = 100 × Net income attributable to Accenture plc ÷ Adjusted total assets
= 100 × hidden ÷ hidden = hidden

Ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	Accenture PLC’s adjusted ROA deteriorated from 2016 to 2017 but then slightly improved from 2017 to 2018.

		Aug 31, 2018	Aug 31, 2017	Aug 31, 2016	Aug 31, 2015	Aug 31, 2014	Aug 31, 2013
	As Reported
	Selected Financial Data (USD $ in thousands)
	Earnings before interest and tax¹ (EBIT)
	Interest expense
	Ratio
	Interest coverage²
	Adjusted for Operating Leases
	Selected Financial Data (USD $ in thousands)
	Adjusted EBIT
	Adjusted interest expense
	Ratio
	Adjusted interest coverage³

Based on: 10-K (filing date: 2018-10-24), 10-K (filing date: 2017-10-26), 10-K (filing date: 2016-10-28), 10-K (filing date: 2015-10-30), 10-K (filing date: 2014-10-24), 10-K (filing date: 2013-10-29).

¹ See Details »

2018 Calculations

² Interest coverage = EBIT ÷ Interest expense
= hidden ÷ hidden = hidden

³ Adjusted interest coverage = Adjusted EBIT ÷ Adjusted interest expense
= hidden ÷ hidden = hidden

Ratio	Description	The company
Adjusted interest coverage ratio	A solvency ratio calculated as adjusted EBIT divided by adjusted interest payments.	Accenture PLC’s adjusted interest coverage ratio deteriorated from 2016 to 2017 but then slightly improved from 2017 to 2018.

USD $ in thousands

		Aug 31, 2018	Aug 31, 2017	Aug 31, 2016	Aug 31, 2015	Aug 31, 2014	Aug 31, 2013
	Rental expense
	Less: Estimated interest expense, operating lease obligations¹
	Estimated depreciation expense, operating leased assets

Based on: 10-K (filing date: 2018-10-24), 10-K (filing date: 2017-10-26), 10-K (filing date: 2016-10-28), 10-K (filing date: 2015-10-30), 10-K (filing date: 2014-10-24), 10-K (filing date: 2013-10-29).

¹ See Details »

		Aug 31, 2018	Aug 31, 2017	Aug 31, 2016	Aug 31, 2015	Aug 31, 2014	Aug 31, 2013
	Operating leased assets, at beginning of year¹ (USD $ in thousands)
	Discount rate²

	Estimated interest expense, operating lease obligations³ (USD $ in thousands)

Based on: 10-K (filing date: 2018-10-24), 10-K (filing date: 2017-10-26), 10-K (filing date: 2016-10-28), 10-K (filing date: 2015-10-30), 10-K (filing date: 2014-10-24), 10-K (filing date: 2013-10-29).

¹ See Details »

² Operating leases interest rate (unknown)

2018 Calculations

³ Estimated interest expense, operating lease obligations = Operating leased assets, at beginning of year × Discount rate
= hidden × hidden = hidden

		Aug 31, 2018	Aug 31, 2017	Aug 31, 2016	Aug 31, 2015	Aug 31, 2014	Aug 31, 2013
	Total present value of future operating lease payments¹ (USD $ in thousands)
	Rental expense (USD $ in thousands)
	Discount rate²

	Total present value of operating lease payments, at beginning of year³ (USD $ in thousands)

Based on: 10-K (filing date: 2018-10-24), 10-K (filing date: 2017-10-26), 10-K (filing date: 2016-10-28), 10-K (filing date: 2015-10-30), 10-K (filing date: 2014-10-24), 10-K (filing date: 2013-10-29).

¹ Equal to total present value of future operating lease payments. See Details »

² Operating leases interest rate (unknown)

2018 Calculations

³ Total present value of operating lease payments, at beginning of year = (Total present value of future operating lease payments + Rental expense) ÷ (1 + Discount rate)
= ( hidden + hidden ) ÷ (1 + hidden ) = hidden

	Accenture PLC	Other companies (not purchased previously)
Financial Statements
Common-Size Financial Statements
Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis
Financial Reporting Quality

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Financial Statements
Common-Size Financial Statements
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Economic Value Added (EVA)
Long-term Trends
Analysis
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Accenture PLC (ACN)

Analysis of Operating Leases

Present Value of Future Operating Lease Payments

Analyst Adjustments for Operating Leases

Accenture PLC, Financial Data: Reported vs. Adjusted

Adjusted Ratios for Operating Leases (Summary)

Accenture PLC, Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Adjusted Debt to Equity

Adjusted Return on Assets (ROA)

Adjusted Interest Coverage

Estimation of Depreciation Expense, Operating Leased Assets

Estimation of Interest Expense, Operating Lease Obligations

Present Value of Operating Lease Payments, at Beginning of Year

Accenture PLC (ACN)

Analysis of Operating Leases

Present Value of Future Operating Lease Payments

2018 Calculations

2017 Calculations

2016 Calculations

2015 Calculations

2014 Calculations

2013 Calculations

Analyst Adjustments for Operating Leases

Accenture PLC, Financial Data: Reported vs. Adjusted

Adjusted Ratios for Operating Leases (Summary)

Accenture PLC, Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Adjusted Debt to Equity

Adjusted Return on Assets (ROA)

Adjusted Interest Coverage

Estimation of Depreciation Expense, Operating Leased Assets

Estimation of Interest Expense, Operating Lease Obligations

Present Value of Operating Lease Payments, at Beginning of Year