8-KEarnings & ResultsExhibits & Filings

Autodesk, Inc. 8-K Report, Financial Results (Nov 10, 2008)

Filed November 10, 2008For Securities:ADSK

Summary

Autodesk, Inc. filed an 8-K on November 10, 2008, to report preliminary financial results for the quarter ended October 31, 2008. The report primarily serves to furnish a press release detailing these preliminary results, which is incorporated by reference. Investors should note that the company provided both GAAP and non-GAAP financial measures, with the latter excluding stock-based compensation (SFAS 123R) and amortization of purchased intangibles/in-process R&D. Management uses these non-GAAP measures for internal assessments and to compare with competitors, emphasizing their supplemental nature to GAAP reporting. The key takeaway for investors is that Autodesk is providing an early look at its financial performance for the third quarter of fiscal year 2009. The inclusion of non-GAAP measures suggests management's focus on underlying operational performance, stripping out certain non-cash expenses and acquisition-related costs. Investors are advised to carefully review the detailed reconciliation provided in the referenced press release to understand the differences between GAAP and non-GAAP figures.

Key Highlights

  • 1Autodesk announced preliminary financial results for the quarter ended October 31, 2008, via an 8-K filing.
  • 2The 8-K includes a press release (Exhibit 99.1) furnishing these preliminary results.
  • 3The company provided both GAAP and non-GAAP financial measures in its reported results.
  • 4Non-GAAP measures exclude stock-based compensation expenses (SFAS 123R).
  • 5Non-GAAP measures also exclude amortization of purchased intangibles and in-process R&D expenses.
  • 6Management utilizes non-GAAP measures for internal decision-making, budgeting, and competitive analysis.
  • 7Autodesk emphasizes that non-GAAP measures are supplemental and should be viewed alongside GAAP results.

Frequently Asked Questions

The main purpose of this 8-K filing is to formally report preliminary financial results for Autodesk's quarter ended October 31, 2008, and to furnish the accompanying press release that contains these results.

Autodesk's non-GAAP financial measures exclude two primary items: (a) the impact of stock-based compensation expenses under SFAS 123R, which management considers a non-cash expense useful to exclude for budgeting and forecasting, and (b) amortization of purchased intangible assets and in-process research and development expenses, which are often related to acquisitions and are considered variable charges by management.

Autodesk provides non-GAAP financial measures because management believes they offer meaningful supplemental information about the company's earning potential. These measures are used internally for budgeting and resource allocation, and they facilitate comparisons with competitors' historical results and guidance. However, the company stresses that these are supplemental and should not be considered a substitute for GAAP measures.

Investors can find the detailed financial results and the reconciliation of non-GAAP to GAAP measures within the press release dated November 4, 2008, which is furnished as Exhibit 99.1 to this 8-K filing. The press release is incorporated by reference into the 8-K.