8-KEarnings & ResultsRegulation FDExhibits & Filings

Autodesk, Inc. 8-K Report, Financial Results (Aug 27, 2019)

Filed August 27, 2019For Securities:ADSK

Summary

Autodesk, Inc. filed an 8-K on August 27, 2019, primarily to furnish a press release detailing its financial results for the second quarter ended July 31, 2019. This filing is significant for investors as it provides a bridge between GAAP and non-GAAP financial reporting, offering insights into how the company evaluates its operational performance. The press release, incorporated by reference, includes detailed explanations for the exclusion of various items such as stock-based compensation, amortization of intangibles, CEO transition costs, goodwill impairment, acquisition-related costs, restructuring charges, gains/losses on strategic investments, and certain tax adjustments when presenting non-GAAP measures. Management utilizes these non-GAAP measures to assess the company's core business operations, facilitate period-over-period comparisons, and aid in budgeting and forecasting. For investors, this means a clearer view of profitability metrics that exclude non-recurring or non-cash items, allowing for a better understanding of the underlying business trends and performance trends compared to peers. However, the filing also emphasizes that these non-GAAP measures should be considered alongside, not as a substitute for, GAAP results, and investors are urged to review the full reconciliation provided in the press release.

Key Highlights

  • 1Autodesk reported its second quarter financial results for the period ending July 31, 2019, via an 8-K filing.
  • 2The filing prominently discusses the company's use of non-GAAP financial measures to supplement GAAP reporting.
  • 3Key excluded items in non-GAAP measures include stock-based compensation, amortization of intangibles, CEO transition costs, and acquisition-related costs.
  • 4Autodesk emphasizes that non-GAAP measures are used internally for performance evaluation, budgeting, and forecasting.
  • 5The company believes non-GAAP measures offer greater transparency into core business operations and aid comparisons.
  • 6Investors are advised that non-GAAP measures have limitations and should be reviewed in conjunction with, not as a replacement for, GAAP financial statements.
  • 7Supplemental investor materials were posted on the company's investor relations website, and the company intends to use this site for future Regulation FD disclosures.

Frequently Asked Questions

The main purpose of this 8-K filing is to furnish a press release containing Autodesk's financial results for the second quarter ended July 31, 2019. It also explains the company's use of non-GAAP financial measures and how they are derived.

Autodesk uses non-GAAP financial measures to provide a clearer view of its core business operations and performance by excluding items that management believes are not indicative of ongoing results. These excluded items can include stock-based compensation, amortization of developed technologies and purchased intangibles, CEO transition costs, goodwill impairment, acquisition-related costs, and restructuring charges, among others. The company believes these adjustments aid in budgeting, forecasting, and making meaningful period-over-period comparisons.

The filing notes that Autodesk posted supplemental investor materials on its investor relations website (investors.autodesk.com) and intends to use this site for disclosing material non-public information and complying with Regulation FD. This suggests that investors should monitor this website for future important company announcements and disclosures.

Investors should interpret the non-GAAP financial information as a supplemental view of the company's performance, intended to highlight core operational results. However, the filing strongly cautions that these measures are not prepared in accordance with GAAP, may differ from other companies' non-GAAP measures, and have inherent limitations. Investors are urged to review the reconciliation provided in Exhibit 99.1 to understand the differences between GAAP and non-GAAP figures and to not rely solely on non-GAAP measures when evaluating the business.