8-KEarnings & ResultsRegulation FDExhibits & Filings

Autodesk, Inc. 8-K Report, Financial Results (Nov 21, 2023)

Filed November 21, 2023For Securities:ADSK

Summary

Autodesk, Inc. filed an 8-K on November 21, 2023, to furnish a press release detailing its financial results for the third fiscal quarter ended October 31, 2023. The report highlights the company's use of key performance metrics such as billings, recurring revenue, and net revenue retention rate (NR3) to monitor business strength. Autodesk also provides non-GAAP financial measures, explaining their purpose in offering greater transparency into management's decision-making and enabling better period-over-period comparisons. These non-GAAP measures exclude items like stock-based compensation, amortization, CEO transition costs, goodwill impairment, restructuring costs, lease-related charges, acquisition-related costs, and gains/losses on strategic investments to better reflect core business operations. Investors are encouraged to review these non-GAAP measures alongside GAAP results, as they are intended to supplement, not replace, GAAP reporting. The company also notes that supplemental investor materials were posted on its investor relations website, reinforcing the importance of monitoring this channel for material non-public information. The filing itself does not constitute a formal SEC filing for Section 18 purposes but serves to incorporate the press release's information by reference.

Key Highlights

  • 1Autodesk reported its third fiscal quarter 2023 financial results via an 8-K filing, furnished with a press release.
  • 2The company emphasizes key performance metrics like billings, recurring revenue, and NR3 for assessing business health.
  • 3Autodesk utilizes non-GAAP financial measures to provide insights into core business operations and performance.
  • 4Excluded items from non-GAAP measures include stock-based compensation, amortization, CEO transition costs, and various other non-recurring or strategic charges.
  • 5The company stresses that non-GAAP measures are supplementary to GAAP results and should not be viewed in isolation.
  • 6Investors are advised to review reconciliations between GAAP and non-GAAP figures provided in the press release.
  • 7Autodesk directs investors to its investor relations website for additional material information.

Frequently Asked Questions

The main purpose of this 8-K filing is to formally present Autodesk's press release containing its financial results for the third fiscal quarter ended October 31, 2023. It also outlines the company's methodology and rationale for using key performance metrics and non-GAAP financial measures.

Autodesk uses non-GAAP financial measures to offer investors a clearer view of its core business operations and earning potential. These measures exclude certain expenses and charges (like stock-based compensation, amortization, and CEO transition costs) that may not be indicative of ongoing operational performance, facilitating better period-over-period comparisons and alignment with management's internal analysis.

Billings represent the total amount invoiced to customers for software subscriptions and services during a specific period. Net Revenue Retention Rate (NR3) is a metric that measures the percentage of recurring revenue retained from existing customers, accounting for upsells, downsells, and churn. Both are key performance indicators used by Autodesk to monitor the health and growth of its recurring revenue business.

No, investors should not rely solely on non-GAAP financial measures. The filing explicitly states that these measures are intended to supplement, not replace, GAAP financial statements. Investors are strongly encouraged to review the reconciliation of non-GAAP to GAAP measures provided in the press release and to consider both sets of figures when evaluating Autodesk's financial performance.