8-KEarnings & ResultsRegulation FDExhibits & Filings

Autodesk, Inc. 8-K Report, Financial Results (May 27, 2020)

Filed May 27, 2020For Securities:ADSK

Summary

Autodesk, Inc. filed an 8-K on May 27, 2020, to furnish a press release detailing its first quarter fiscal year 2021 financial results (ended April 30, 2020). The filing highlights the company's use of key performance metrics such as billings, recurring revenue, net revenue retention rate (NR3), and subscriptions to assess the health of its recurring business model and provide investors with insights into long-term business health. The report also emphasizes Autodesk's use of non-GAAP financial measures, explaining their purpose for internal decision-making and providing investors with a clearer view of core business performance by excluding items like stock-based compensation, amortization of intangibles, CEO transition costs, goodwill impairment, acquisition-related costs, restructuring charges, and gains/losses on strategic investments. This approach aims to offer greater transparency and comparability to investors.

Key Highlights

  • 1Autodesk reported its Q1 FY2021 financial results via a press release furnished with the 8-K filing.
  • 2The company emphasizes key performance metrics: billings, recurring revenue, NR3, and subscriptions, to monitor its recurring business and long-term health.
  • 3Autodesk utilizes non-GAAP financial measures to supplement GAAP reporting, providing insights into core business operations.
  • 4Key exclusions from non-GAAP measures include stock-based compensation, amortization of intangibles, CEO transition costs, and acquisition-related expenses.
  • 5The company aims to enhance transparency and comparability for investors through its use of non-GAAP metrics.
  • 6Investors are advised to view non-GAAP measures in conjunction with GAAP results and review provided reconciliations.
  • 7Autodesk uses its investor relations website to disseminate material information, including supplemental investor materials.

Frequently Asked Questions

The primary purpose of this 8-K filing is to formally report and furnish Autodesk's financial results for the first quarter ended April 30, 2020, as detailed in their accompanying press release. It also outlines the company's methodology for key performance metrics and non-GAAP financial measures.

Autodesk uses non-GAAP financial measures to provide investors with a clearer view of its core business performance by excluding certain expenses and charges that may not be indicative of ongoing operational results. These measures are used internally for budgeting and performance evaluation, and they aim to enhance transparency and allow for better period-over-period and peer-to-peer comparisons.

Autodesk tracks billings, recurring revenue, net revenue retention rate (NR3), and subscriptions. These metrics are considered vital for monitoring the strength and long-term health of the company's recurring revenue business model.

Investors can find more detailed financial information, including reconciliations of non-GAAP to GAAP measures, within the press release (Exhibit 99.1) furnished with this 8-K filing. The company also directs investors to its investor relations website (investors.autodesk.com) for supplemental materials and other disclosures.