8-KEarnings & ResultsLeadership ChangesRegulation FD+1

Autodesk, Inc. 8-K Report, Financial Results (May 27, 2021)

Filed May 27, 2021For Securities:ADSK

Summary

Autodesk, Inc. (ADSK) filed an 8-K on May 27, 2021, to furnish its first-quarter 2021 earnings press release. The filing highlights the company's use of key performance metrics such as billings, recurring revenue, and net revenue retention rate (NR3) to monitor the health of its recurring business. These metrics, along with non-GAAP financial measures, are presented to provide investors with greater transparency into management's decision-making and to facilitate comparisons across periods and with peers. Autodesk also disclosed the retirement of its Executive Vice President, Corporate Affairs, Chief Legal Officer & Secretary, Pascal W. Di Fronzo, who will transition out by December 3, 2021, and will receive benefits under a Qualified Retirement Agreement. Investors should note that the company emphasizes that non-GAAP measures are supplementary and should be considered alongside GAAP results. The press release and accompanying supplemental materials are available on the company's investor relations website, which Autodesk uses for timely disclosure of material information. The core focus of the 8-K is to provide access to the company's Q1 2021 financial results and management's commentary on performance and strategic metrics.

Key Highlights

  • 1Autodesk reported Q1 2021 financial results via a press release furnished with the 8-K.
  • 2The company emphasized key performance metrics: billings, recurring revenue, and NR3, for assessing recurring business health.
  • 3Non-GAAP financial measures are provided to offer insights into core business operating results and aid management and investor analysis.
  • 4Key excluded items from non-GAAP measures include stock-based compensation, amortization of intangibles, CEO transition costs, goodwill impairment, restructuring costs, acquisition-related costs, and gains/losses on strategic investments.
  • 5Pascal W. Di Fronzo, EVP, Corporate Affairs, Chief Legal Officer & Secretary, announced his retirement, effective December 3, 2021.
  • 6Mr. Di Fronzo will receive benefits under a Qualified Retirement Agreement, including payments for foregone benefits.
  • 7Autodesk directs investors to its investor relations website for supplemental materials and disclosure compliance under Regulation FD.

Frequently Asked Questions

Autodesk is emphasizing key performance metrics like billings, recurring revenue, and net revenue retention rate (NR3) to provide insights into the health of its recurring business. Additionally, the company provides non-GAAP financial measures to supplement its GAAP results, offering a view of core business performance.

Autodesk uses non-GAAP measures to give investors greater transparency into how management evaluates the company's performance. These measures exclude certain items such as stock-based compensation, amortization of intangibles, and other non-recurring or non-operational expenses, which management believes are not indicative of the company's ongoing core business operations.

Yes, Pascal W. Di Fronzo, Executive Vice President, Corporate Affairs, Chief Legal Officer & Secretary, announced his intention to retire after nearly 23 years with the company. He will remain with Autodesk until December 3, 2021, and will receive benefits under a Qualified Retirement Agreement.

The detailed financial results for the first quarter ended April 30, 2021, are presented in the press release furnished as Exhibit 99.1 to this 8-K. Autodesk also directs investors to its investor relations website (investors.autodesk.com) for supplemental investor materials and compliance with Regulation FD.