8-KEarnings & ResultsExhibits & Filings

Autodesk, Inc. 8-K Report, Financial Results (May 19, 2016)

Filed May 19, 2016For Securities:ADSK

Summary

This Autodesk, Inc. (ADSK) 8-K filing from May 19, 2016, primarily serves to furnish the company's first-quarter 2016 earnings press release and prepared remarks. These documents provide investors with the company's financial results for the quarter ended April 30, 2016, and offer insights into the company's operational performance and outlook. A key focus of the filing is Autodesk's use of non-GAAP financial measures, which are presented alongside GAAP results to offer a more granular view of the company's core business performance. Investors should note that Autodesk utilizes non-GAAP measures to provide greater transparency into management's decision-making process and to facilitate comparisons across periods and with peers. The company elaborates on specific items excluded from GAAP, such as stock-based compensation, amortization of intangibles, goodwill impairment, restructuring charges, losses/gains on strategic investments, valuation allowances, and discrete tax items. While these non-GAAP measures are presented as supplemental information to aid in analyzing the health and performance of the business, the filing explicitly cautions investors to consider them in conjunction with, and not as a substitute for, GAAP financial measures.

Key Highlights

  • 1Autodesk reported its financial results for the first quarter ended April 30, 2016, via press release and prepared remarks, furnished as exhibits to the 8-K.
  • 2The company emphasizes its use of non-GAAP financial measures, including non-GAAP net earnings and earnings per diluted share, to supplement its GAAP financial reporting.
  • 3Autodesk uses non-GAAP measures internally for budgeting, resource allocation, and performance evaluation, believing they offer meaningful supplemental information on earning potential and performance.
  • 4Key exclusions from non-GAAP measures detailed include stock-based compensation, amortization of intangibles, goodwill impairment, restructuring charges, and gains/losses on strategic investments.
  • 5The company believes these non-GAAP measures provide greater transparency for investors and are used by institutional investors and analysts to assess business health.
  • 6Autodesk stresses that non-GAAP measures are not a substitute for GAAP and urges investors to review the reconciliation of non-GAAP to GAAP figures.
  • 7The filing includes Exhibits 99.1 (press release) and 99.2 (prepared remarks) for detailed financial information and commentary.

Frequently Asked Questions

The main purpose of this 8-K filing is to officially report Autodesk's financial results for the first quarter ended April 30, 2016, through furnished exhibits (a press release and prepared remarks). It also details the company's approach to using non-GAAP financial measures alongside GAAP results.

Autodesk presents non-GAAP financial measures to offer investors greater transparency into key metrics used by management for financial and operational decision-making. The company believes these measures provide a clearer view of its core business's earning potential and performance by excluding items that may not be indicative of ongoing operations, thereby facilitating better period-to-period comparisons and analysis against peers.

Key items excluded from Autodesk's non-GAAP financial measures include stock-based compensation expenses, amortization of developed technologies and purchased intangibles, goodwill impairment, restructuring charges, gains or losses on strategic investments, establishment of a valuation allowance on certain net deferred tax assets, and discrete tax items. These exclusions are made because they are considered non-cash, variable, or not reflective of ongoing business operations.

No, investors should not rely solely on non-GAAP financial measures. The filing explicitly states that non-GAAP measures are supplemental and not a substitute for GAAP financial measures. Investors are urged to review the reconciliation of non-GAAP to GAAP figures provided by the company to gain a comprehensive understanding of financial performance.