8-KEarnings & ResultsExhibits & Filings

Autodesk, Inc. 8-K Report, Financial Results (May 17, 2012)

Filed May 17, 2012For Securities:ADSK

Summary

This Autodesk, Inc. (ADSK) 8-K filing from May 17, 2012, primarily serves to furnish the company's first-quarter earnings press release and prepared remarks for the period ending April 30, 2012. While the filing itself doesn't present new financial data directly, it directs investors to these supplementary documents for detailed financial results and management commentary. A significant focus of the filing is the explanation and reconciliation of Autodesk's use of non-GAAP financial measures, which exclude items such as stock-based compensation, amortization of purchased intangibles, restructuring charges, and discrete tax items. Management utilizes these non-GAAP metrics to provide what they believe is a clearer view of the company's earning potential, facilitating comparisons with historical performance and competitors. Investors are encouraged to review both the GAAP and non-GAAP figures provided in the furnished exhibits, as the non-GAAP measures, while useful for operational insights and budgeting, should be considered alongside GAAP results and are not a substitute for them. The filing emphasizes that these non-GAAP metrics are not prepared in accordance with GAAP and may differ from those used by other companies.

Key Highlights

  • 1Autodesk, Inc. announced its first-quarter financial results for the period ending April 30, 2012, via a press release and prepared remarks furnished with this 8-K filing.
  • 2The filing details and justifies the use of non-GAAP financial measures by the company, including non-GAAP net earnings and non-GAAP diluted earnings per share.
  • 3Key exclusions from GAAP to arrive at non-GAAP figures include stock-based compensation expenses and amortization of purchased intangibles.
  • 4Restructuring charges associated with business strategy realignments are also excluded from non-GAAP measures.
  • 5Discrete tax items and their effects are presented separately, with non-GAAP tax provisions based on projected annual non-GAAP effective tax rates.
  • 6Management believes these non-GAAP measures offer meaningful supplemental information for assessing earning potential and operational performance.
  • 7Investors are advised to review both GAAP and non-GAAP financial measures, as non-GAAP metrics are not a substitute for GAAP reporting and have inherent limitations.

Frequently Asked Questions

The main purpose of this 8-K filing is to officially furnish Autodesk's press release and prepared remarks containing their financial results for the first quarter ended April 30, 2012. It also provides detailed explanations of the non-GAAP financial measures the company uses.

Autodesk excludes several items from its non-GAAP financial measures, including: (a) stock-based compensation expenses, (b) amortization of purchased intangibles and purchases of technology, (c) restructuring charges, (d) discrete tax items, and (e) the income tax effects on the difference between GAAP and non-GAAP costs and expenses.

Autodesk's management uses non-GAAP measures because they believe these metrics provide meaningful supplemental information about the company's earning potential, assist in assessing operating expenses, aid in budgeting and planning, and facilitate comparisons with historical results and competitors. These measures are intended to give a clearer view of ongoing operational performance by excluding items that can be volatile or non-cash.

No, the non-GAAP financial measures are not a replacement for GAAP results. The filing explicitly states that these measures have limitations, are not prepared in accordance with Generally Accepted Accounting Principles (GAAP), and may differ from those used by other companies. Investors are advised to review them in conjunction with, and not in isolation from, the GAAP financial measures provided.