8-KEarnings & ResultsRegulation FDExhibits & Filings

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

Filed August 23, 2023For Securities:ADSK

Summary

Autodesk, Inc. (ADSK) filed an 8-K on August 23, 2023, primarily to furnish a press release detailing its second fiscal quarter 2023 financial results. The filing highlights Autodesk's use of key performance metrics like billings, recurring revenue, and Net Revenue Retention Rate (NR3) to assess the health of its subscription-based business model. These metrics, along with non-GAAP financial measures, are presented to provide investors with a clearer understanding of the company's core operating performance, complementing GAAP reporting. The company emphasizes the importance of these supplemental metrics for evaluating long-term business health and for making period-over-period comparisons. Autodesk also outlines the specific items it excludes from its non-GAAP reporting, such as stock-based compensation, amortization of acquired intangibles, CEO transition costs, and other non-recurring charges, to better reflect ongoing operational results. Investors are encouraged to review the detailed reconciliations between GAAP and non-GAAP measures provided in the furnished press release.

Key Highlights

  • 1Autodesk reported its Q2 fiscal year 2023 financial results via an 8-K filing on August 23, 2023.
  • 2The company emphasizes key performance metrics such as billings, recurring revenue, and Net Revenue Retention Rate (NR3) to gauge business health.
  • 3Autodesk utilizes non-GAAP financial measures, alongside GAAP reporting, to offer a more transparent view of core operational performance.
  • 4Excluded items from non-GAAP measures include stock-based compensation, amortization of intangibles, CEO transition costs, and other non-recurring charges.
  • 5The filing clarifies that these metrics and non-GAAP measures are supplemental and should be considered in addition to, not as a substitute for, GAAP financial statements.
  • 6Investors are directed to review the reconciliation of GAAP to non-GAAP measures within the furnished press release.
  • 7Autodesk uses its investor relations website (investors.autodesk.com) for disclosing material non-public information and complying with Regulation FD.

Frequently Asked Questions

The main purpose of this 8-K filing is to formally report Autodesk's financial results for the second fiscal quarter ended July 31, 2023, by furnishing the accompanying press release.

Autodesk uses key performance metrics such as billings, recurring revenue, and Net Revenue Retention Rate (NR3). These are used to monitor the strength and long-term health of its recurring revenue business model and provide investors with insights into ongoing operational performance.

Autodesk provides non-GAAP financial measures to offer investors a more transparent view of its core business operating results. These measures exclude certain items like stock-based compensation, amortization of intangibles, and transition costs, which management believes are not indicative of ongoing operations, allowing for better period-over-period comparisons and analysis similar to how management evaluates performance.

Investors can find more detailed financial information, including the reconciliation of non-GAAP financial measures to comparable GAAP measures, within the press release furnished as Exhibit 99.1 to this 8-K filing. Autodesk also encourages investors to monitor its investor relations website for further disclosures.