Stock Analysis on Net

Cytokinetics Inc. (NASDAQ:CYTK)

This company has been moved to the archive! The financial data has not been updated since November 3, 2023.

Analysis of Operating Leases

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Adjustments to Financial Statements for Operating Leases

Cytokinetics Inc., adjustments to financial statements

US$ in thousands

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Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Adjustment to Total Assets
Total assets (as reported) 1,014,775 841,319 533,803 289,814 211,178
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)1 10,355
Total assets (adjusted) 1,014,775 841,319 533,803 289,814 221,533
Adjustment to Total Debt
Total debt (as reported) 611,619 144,143 135,713 129,257 42,413
Add: Operating lease liability (before adoption of FASB Topic 842)2 10,355
Add: Short-term operating lease liabilities 12,829 14,863 2,785 4,616
Add: Long-term operating lease liabilities 126,895 112,229 440 2,195
Total debt (adjusted) 751,343 271,235 138,938 136,068 52,768

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

1, 2 Equal to total present value of future operating lease payments.


Cytokinetics Inc., Financial Data: Reported vs. Adjusted


Adjusted Financial Ratios for Operating Leases (Summary)

Cytokinetics Inc., adjusted financial ratios

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Total Asset Turnover1
Reported total asset turnover 0.09 0.08 0.10 0.09 0.15
Adjusted total asset turnover 0.09 0.08 0.10 0.09 0.14
Debt to Equity2
Reported debt to equity 0.59 1.20 1.64
Adjusted debt to equity 1.11 1.23 2.03
Return on Assets3 (ROA)
Reported ROA -38.33% -25.59% -23.85% -41.99% -50.33%
Adjusted ROA -38.33% -25.59% -23.85% -41.99% -47.98%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Cytokinetics Inc. adjusted total asset turnover ratio deteriorated from 2020 to 2021 but then slightly improved from 2021 to 2022.
Adjusted ROA A profitability ratio calculated as net income divided by adjusted total assets. Cytokinetics Inc. adjusted ROA deteriorated from 2020 to 2021 and from 2021 to 2022.

Cytokinetics Inc., Financial Ratios: Reported vs. Adjusted


Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
As Reported
Selected Financial Data (US$ in thousands)
Revenues 94,588 70,428 55,828 26,868 31,501
Total assets 1,014,775 841,319 533,803 289,814 211,178
Activity Ratio
Total asset turnover1 0.09 0.08 0.10 0.09 0.15
Adjusted for Operating Leases
Selected Financial Data (US$ in thousands)
Revenues 94,588 70,428 55,828 26,868 31,501
Adjusted total assets 1,014,775 841,319 533,803 289,814 221,533
Activity Ratio
Adjusted total asset turnover2 0.09 0.08 0.10 0.09 0.14

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

2022 Calculations

1 Total asset turnover = Revenues ÷ Total assets
= 94,588 ÷ 1,014,775 = 0.09

2 Adjusted total asset turnover = Revenues ÷ Adjusted total assets
= 94,588 ÷ 1,014,775 = 0.09

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Cytokinetics Inc. adjusted total asset turnover ratio deteriorated from 2020 to 2021 but then slightly improved from 2021 to 2022.

Adjusted Debt to Equity

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
As Reported
Selected Financial Data (US$ in thousands)
Total debt 611,619 144,143 135,713 129,257 42,413
Stockholders’ equity (deficit) (107,900) 243,863 113,383 (10,937) 25,934
Solvency Ratio
Debt to equity1 0.59 1.20 1.64
Adjusted for Operating Leases
Selected Financial Data (US$ in thousands)
Adjusted total debt 751,343 271,235 138,938 136,068 52,768
Stockholders’ equity (deficit) (107,900) 243,863 113,383 (10,937) 25,934
Solvency Ratio
Adjusted debt to equity2 1.11 1.23 2.03

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

2022 Calculations

1 Debt to equity = Total debt ÷ Stockholders’ equity (deficit)
= 611,619 ÷ -107,900 =

2 Adjusted debt to equity = Adjusted total debt ÷ Stockholders’ equity (deficit)
= 751,343 ÷ -107,900 =


Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
As Reported
Selected Financial Data (US$ in thousands)
Net loss (388,955) (215,314) (127,290) (121,692) (106,289)
Total assets 1,014,775 841,319 533,803 289,814 211,178
Profitability Ratio
ROA1 -38.33% -25.59% -23.85% -41.99% -50.33%
Adjusted for Operating Leases
Selected Financial Data (US$ in thousands)
Net loss (388,955) (215,314) (127,290) (121,692) (106,289)
Adjusted total assets 1,014,775 841,319 533,803 289,814 221,533
Profitability Ratio
Adjusted ROA2 -38.33% -25.59% -23.85% -41.99% -47.98%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

2022 Calculations

1 ROA = 100 × Net loss ÷ Total assets
= 100 × -388,955 ÷ 1,014,775 = -38.33%

2 Adjusted ROA = 100 × Net loss ÷ Adjusted total assets
= 100 × -388,955 ÷ 1,014,775 = -38.33%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as net income divided by adjusted total assets. Cytokinetics Inc. adjusted ROA deteriorated from 2020 to 2021 and from 2021 to 2022.