8-KEarnings & ResultsExhibits & Filings

Autodesk, Inc. 8-K Report, Financial Results (Aug 14, 2014)

Filed August 14, 2014For Securities:ADSK

Summary

This 8-K filing by Autodesk, Inc. (ADSK) on August 14, 2014, primarily announces the company's financial results for the second quarter ended July 31, 2014. The key takeaway for investors is that the company is furnishing its press release and prepared remarks, which contain detailed financial performance information. Importantly, the filing highlights Autodesk's use of non-GAAP financial measures, such as non-GAAP net earnings and billings, to supplement its GAAP results. Management asserts that these non-GAAP measures provide greater transparency and are used internally for decision-making, budgeting, and performance evaluation, as well as by institutional investors and analysts to better understand the company's core business operations and long-term performance. Investors are advised to review the provided reconciliations between GAAP and non-GAAP figures.

Key Highlights

  • 1Autodesk announced its financial results for the second quarter ended July 31, 2014, via press release and prepared remarks furnished with this 8-K.
  • 2The company utilizes non-GAAP financial measures (e.g., non-GAAP net earnings, billings) alongside GAAP results to provide a more insightful view of its performance.
  • 3Autodesk explains its rationale for excluding specific items from non-GAAP measures, including stock-based compensation, amortization of intangibles, goodwill impairment, restructuring charges, strategic investment gains/losses, valuation allowances on deferred tax assets, and discrete tax items.
  • 4Management believes these non-GAAP measures offer better transparency into key metrics used for internal decision-making and performance assessment.
  • 5The company suggests that non-GAAP measures are valuable for investors to analyze business health, compare performance across periods and with peers, and understand core business operations.
  • 6The filing includes furnished exhibits of the press release (Exhibit 99.1) and prepared remarks (Exhibit 99.2), which contain the detailed financial results and further explanations.
  • 7Investors are cautioned that non-GAAP measures have limitations and should be reviewed in conjunction with, not as a substitute for, GAAP financial measures.

Frequently Asked Questions

This 8-K filing on August 14, 2014, primarily serves to furnish Autodesk's press release and prepared remarks detailing its financial results for the second quarter ended July 31, 2014. Specific quantitative results would be found within those furnished documents.

Autodesk provides non-GAAP financial measures to offer investors supplemental information for a clearer understanding of its core business performance. Management uses these measures internally for budgeting, resource allocation, and evaluating operational effectiveness, believing they exclude items that may not be indicative of ongoing business results and facilitate better period-to-period and peer comparisons.

Autodesk typically excludes expenses such as stock-based compensation, amortization of developed technologies and purchased intangibles, goodwill impairment, restructuring charges, gains or losses on strategic investments, the establishment of a valuation allowance on certain net deferred tax assets, and discrete tax items. The company also adjusts for the income tax effects related to these differences.

No, Autodesk explicitly states that its non-GAAP financial measures are presented in addition to, not as a substitute for, GAAP financial measures. Investors are urged to review the reconciliations provided between GAAP and non-GAAP figures and not rely solely on any single financial measure to evaluate the business.