Summary
Autodesk, Inc. filed an 8-K on June 3, 2024, primarily to furnish a press release detailing preliminary financial results for the first quarter ended April 30, 2024. The filing also announced significant executive leadership changes, including the transition of Deborah Clifford from CFO to Chief Strategy Officer and the appointment of Elizabeth Rafael as Interim CFO. Ms. Rafael, a seasoned executive with extensive financial and board experience, will receive a competitive compensation package including a salary and restricted stock units.
Key Highlights
- 1Autodesk has issued preliminary financial results for Q1 2024 via a furnished press release.
- 2Deborah Clifford has transitioned from Executive Vice President and CFO to Chief Strategy Officer.
- 3Elizabeth Rafael has been appointed as Interim Chief Financial Officer.
- 4Ms. Rafael is a new board member and brings substantial experience from previous roles at GoDaddy, Apple, and Cisco.
- 5The company details its use of non-GAAP financial measures, explaining exclusions like stock-based compensation, amortization, CEO transition costs, and restructuring charges.
- 6Ms. Rafael's interim CFO compensation includes a $300,000 monthly salary and $250,000 in restricted stock units.
Frequently Asked Questions
The primary purpose of this 8-K filing is to furnish Autodesk's preliminary financial results for the first quarter ended April 30, 2024, as reported in a press release. It also announces important changes in the company's executive leadership, specifically the CFO role.
Elizabeth Rafael has been appointed as the Interim Chief Financial Officer. She is an existing member of Autodesk's Board of Directors and brings a wealth of experience from previous senior finance and executive roles at companies like GoDaddy, Apple, and Cisco Systems.
Autodesk uses non-GAAP financial measures to provide investors with supplemental information that management believes is useful for evaluating the company's core business operating results and future prospects. These measures exclude certain items that may not be indicative of ongoing performance, such as stock-based compensation, amortization of intangibles, CEO transition costs, and restructuring charges, to enhance comparability across periods and with peer companies.
Elizabeth Rafael will receive a monthly salary of $300,000 and a grant of restricted stock units valued at $250,000, which will vest similarly to annual awards for non-employee directors. She will not participate in executive bonus or change-in-control programs.