Summary
This Autodesk, Inc. (ADSK) 8-K filing from May 15, 2008, primarily announces the company's financial results for the first quarter of fiscal year 2009, as reported in a press release furnished as an exhibit. Investors should note that the company provided both GAAP and non-GAAP financial measures. The non-GAAP results exclude items such as stock-based compensation, amortization of purchased intangibles, employee tax reimbursements related to stock option reviews, and related income tax effects. Management utilizes these non-GAAP measures to offer a clearer view of operational performance and for comparability with competitors, while acknowledging their limitations and the importance of reviewing alongside GAAP figures.
Key Highlights
- 1Autodesk reported its first quarter fiscal year 2009 financial results on May 15, 2008.
- 2The company issued a press release detailing these results, which is attached as Exhibit 99.1.
- 3Both GAAP and non-GAAP financial measures were presented to investors.
- 4Non-GAAP measures exclude stock-based compensation (SFAS 123R), amortization of purchased intangibles, employee tax reimbursements from stock option reviews, and associated income tax effects.
- 5Management uses non-GAAP measures for internal budgeting, resource allocation, and to assess operating performance, believing they offer meaningful supplemental information.
- 6The company noted that non-GAAP measures facilitate comparison with competitors' historical results and guidance.
- 7The filing explicitly states that non-GAAP measures are not prepared in accordance with GAAP and have limitations, advising investors to review them in conjunction with GAAP financial measures.
Frequently Asked Questions
The main purpose of this 8-K filing is to announce and provide the financial results for Autodesk's first quarter of fiscal year 2009. This is done by furnishing a press release that details these results.
Non-GAAP financial measures are financial performance indicators that exclude certain items from the standard GAAP (Generally Accepted Accounting Principles) calculations. Autodesk provides them because management uses these measures internally for budgeting and operational assessment, believing they offer a more meaningful view of the company's earning potential and allow for better comparisons with competitors. Key exclusions include stock-based compensation, amortization of intangibles, and certain one-time tax-related expenses.
The filing states that non-GAAP measures exclude items like stock-based compensation and amortization of purchased intangibles. Generally, excluding these types of expenses tends to make non-GAAP net earnings appear higher than GAAP net earnings. However, investors are cautioned that these measures have limitations and should always be reviewed alongside the official GAAP financial statements.
The filing mentions that amortization of purchased intangibles and in-process research and development expenses, which are excluded from non-GAAP measures, are primarily related to recent acquisitions such as NavisWorks and Robobat in fiscal year 2008.