8-KEarnings & ResultsRegulation FDExhibits & Filings

Autodesk, Inc. 8-K Report, Financial Results (Aug 25, 2020)

Filed August 25, 2020For Securities:ADSK

Summary

Autodesk, Inc. filed this 8-K on August 25, 2020, to report its financial results for the second quarter ended July 31, 2020. The filing primarily incorporates by reference a press release containing these results and discusses the company's key performance metrics and non-GAAP financial measures. Investors should note that the press release itself is furnished as an exhibit and not deemed 'filed' for certain regulatory purposes. The company emphasizes its use of metrics such as billings, recurring revenue, net revenue retention rate (NR3), and subscriptions to monitor the strength and long-term health of its recurring business. Autodesk also provides detailed explanations of its non-GAAP financial measures, highlighting adjustments for items like stock-based compensation, amortization, CEO transition costs, goodwill impairment, acquisition-related costs, restructuring charges, gains/losses on investments, and tax-related adjustments. These non-GAAP measures are presented to offer a clearer view of core operating results and facilitate comparisons, though investors are urged to review GAAP figures and reconciliations.

Key Highlights

  • 1Autodesk reported its second-quarter fiscal year 2021 financial results (ended July 31, 2020) via an 8-K filing on August 25, 2020.
  • 2The filing incorporates a press release detailing financial results and other operational information.
  • 3Autodesk highlights key performance metrics: billings, recurring revenue, net revenue retention rate (NR3), and subscriptions to assess business health.
  • 4The company uses and explains its non-GAAP financial measures, providing adjusted views of earnings and EPS.
  • 5Key exclusions from non-GAAP measures include stock-based compensation, amortization of intangibles, CEO transition costs, acquisition-related costs, and restructuring charges.
  • 6Autodesk emphasizes that non-GAAP measures are supplemental and should be considered alongside GAAP results and reconciliations.
  • 7Supplemental investor materials were also posted on the company's investor relations website.

Frequently Asked Questions

The primary purpose of this 8-K filing is to furnish Autodesk's press release announcing its financial results for the second quarter ended July 31, 2020. It also provides details on the company's key performance metrics and its use of non-GAAP financial measures.

Autodesk tracks billings, recurring revenue, net revenue retention rate (NR3), and subscriptions. These metrics are highlighted as important for monitoring the strength and long-term health of its recurring business model, offering insights beyond traditional GAAP revenue figures.

Autodesk uses non-GAAP measures to provide a clearer view of its core business operating results and to facilitate period-over-period comparisons. Common adjustments include excluding stock-based compensation, amortization of intangibles, CEO transition costs, acquisition-related costs, restructuring charges, and certain tax items. The company believes these exclusions help management and investors better assess performance.

The press release furnished as part of this 8-K is generally considered 'furnished' rather than 'filed' for purposes of Section 18 of the Securities Exchange Act of 1934. This means it may not be subject to the same liabilities as a formally filed document, although it is incorporated by reference. Investors should refer to the specific disclaimers within the filing.