8-KEarnings & ResultsRegulation FDExhibits & Filings

Autodesk, Inc. 8-K Report, Financial Results (Feb 23, 2023)

Filed February 23, 2023For Securities:ADSK

Summary

Autodesk, Inc. (ADSK) filed an 8-K on February 23, 2023, to report its financial results for the fourth quarter ended January 31, 2023. The filing primarily furnished an earnings press release (Exhibit 99.1) which details the company's performance and outlook. Investors should note that Autodesk utilizes several key performance metrics, including billings, recurring revenue, net revenue retention rate (NR3), and subscriptions, to assess the health and long-term prospects of its recurring business. The company also provides non-GAAP financial measures, such as non-GAAP operating margin and diluted net income per share, which exclude items like stock-based compensation, amortization of intangibles, CEO transition costs, goodwill impairment, restructuring charges, lease-related impairments, acquisition costs, and gains/losses on strategic investments. Autodesk emphasizes that these non-GAAP measures are supplemental and should be considered alongside GAAP results, urging investors to review the provided reconciliations.

Key Highlights

  • 1Autodesk reported financial results for Q4 FY23 ended January 31, 2023, via an earnings press release furnished as part of the 8-K.
  • 2The company utilizes key performance metrics such as billings, recurring revenue, net revenue retention rate (NR3), and subscriptions to monitor its recurring business.
  • 3Autodesk provides non-GAAP financial measures to offer a clearer view of its core operational performance, excluding certain non-recurring or non-cash items.
  • 4Key exclusions in non-GAAP measures include stock-based compensation, amortization of intangibles, CEO transition costs, and restructuring charges.
  • 5The company also excludes lease-related asset impairments, acquisition-related costs, and gains/losses on strategic investments from its non-GAAP reporting.
  • 6Autodesk's investor relations website is used for disclosing material non-public information and complying with Regulation FD.
  • 7Investors are advised to review both GAAP and non-GAAP measures, along with the provided reconciliations, for a comprehensive understanding of the company's financial position.

Frequently Asked Questions

The primary purpose of this 8-K filing is to furnish Autodesk's earnings press release for the fourth quarter ended January 31, 2023. This allows the company to officially report its financial results and key performance indicators to investors.

Autodesk emphasizes metrics such as billings, recurring revenue, net revenue retention rate (NR3), and subscriptions. These are used to monitor the strength and long-term health of its recurring business model.

Autodesk provides non-GAAP measures to offer investors a view of performance that may better reflect the core ongoing operations. Common exclusions include stock-based compensation, amortization of developed technologies and purchased intangibles, CEO transition costs, goodwill impairment, restructuring and exit costs, lease-related impairments, and acquisition-related costs. The company believes these exclusions help in assessing operating results and making period-over-period comparisons.

Autodesk advises investors to consider both GAAP and non-GAAP financial measures, as well as their key performance metrics, as supplemental information. They specifically recommend reviewing the reconciliation of non-GAAP measures to comparable GAAP measures provided in the earnings release and not to rely on any single measure for evaluation.