SAN FRANCISCO, May 31, 2024 /PRNewswire/ — Autodesk, Inc. (NASDAQ: ADSK) has released the findings of its internal Audit Committee investigation. As previously announced on April 1, 2024, the Audit Committee had initiated an inquiry into the company’s free cash flow and non-GAAP operating margin practices. The committee has now completed its planned procedures and confirmed that no restatements or adjustments will be made to any previously filed or announced GAAP or non-GAAP financial statements.
The company is also sharing preliminary results for the first quarter of fiscal 2025 and offering a business outlook. “We appreciate your patience as we worked through this important process,†said Andrew Anagnost, president and CEO of Autodesk. “We take these matters seriously and are grateful to move forward after completing the investigation. In Q1 of FY25, we saw strong growth across AEC and manufacturing, both in products and regions. Our new transaction model is on track, and this solid start positions us well for the year ahead.â€
In addition to the audit findings, Autodesk has announced key executive appointments. Elizabeth "Betsy" Rafael has been named Interim Chief Financial Officer, effective May 31, 2024. She remains a director of the company but is not currently considered an independent director for Nasdaq purposes. Deborah L. Clifford has been appointed as Chief Strategy Officer, responsible for corporate development, new vertical businesses, and the company’s Social Impact and Sustainability initiatives.
Autodesk is working to file its annual report on Form 10-K as soon as possible and will hold an earnings call to discuss the first quarter of fiscal 2025. Until then, the company remains in a closed period and is limited in its communication with investors.
**Key Findings from the Audit Committee**
The investigation covered fiscal years 2022, 2023, and 2024. Key points include:
- The company historically used multiyear contracts with enterprise and product subscription customers, billed upfront, to meet free cash flow goals. During the relevant period, it implemented programs to encourage early renewals and upfront payments.
- While the company disclosed its practice of incentivizing upfront billing, it did not quantify the impact on free cash flow until later.
- In 2022, the company shifted to annual billing for enterprise contracts but later returned to multiyear upfront contracts in 2023 to meet free cash flow targets.
- Certain spending and collection decisions were influenced by their effect on free cash flow and non-GAAP margins, though these were not tied to executive compensation.
The Audit Committee recommended several remedial actions, including reviewing financial disclosures and enhancing policies around financial reporting.
**Preliminary Results and Outlook**
For the first quarter of fiscal 2025, Autodesk reported revenue of approximately $1.42 billion and GAAP diluted EPS of about $1.16. Non-GAAP diluted EPS was around $1.87.
Looking ahead, the company expects second-quarter revenue between $1.475 billion and $1.490 billion, with GAAP EPS of $1.12–$1.18 and non-GAAP EPS of $1.98–$2.04.
For the full year, revenue is projected at $5.99 billion to $6.09 billion, up 9%–11%. Free cash flow is expected to be between $1.43 billion and $1.5 billion.
**Forward-Looking Statements**
This release includes forward-looking statements subject to risks and uncertainties. Actual results could differ materially due to factors such as potential adjustments before filing the 10-K, market conditions, competition, and regulatory changes. Autodesk disclaims any obligation to update these statements.
**About Autodesk**
Autodesk empowers designers, engineers, builders, and creators worldwide to bring ideas to life. From architecture and automotive to entertainment and more, the company’s platform leverages data to drive innovation and efficiency. For more information, visit autodesk.com or follow @autodesk.
© 2024 Autodesk, Inc. All rights reserved.
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