SAN FRANCISCO, May 31, 2024 /PRNewswire/ — Autodesk, Inc. (NASDAQ: ADSK) has officially released the findings of its internal Audit Committee investigation into the company’s free cash flow and non-GAAP operating margin practices. The investigation, which was initially announced on April 1, 2024, has now been completed. According to the company, there will be no restatements or adjustments to any previously filed or announced GAAP or non-GAAP financial statements.
The Audit Committee reviewed the company’s financial reporting practices over the past three fiscal years—2022, 2023, and 2024—and found that certain business decisions were made with the intention of meeting free cash flow and non-GAAP margin targets. While these actions did not impact executive compensation, they were part of broader strategies to manage financial performance. The committee has since recommended several remedial actions, including enhanced financial disclosures and process reviews.
Autodesk also shared preliminary results for the first quarter of fiscal 2025 and provided an outlook for the year ahead. The company reported strong growth in key areas such as AEC (Architecture, Engineering, and Construction) and manufacturing, with the new transaction model progressing as planned. CEO Andrew Anagnost expressed confidence in the company's direction, emphasizing that the recent investigation is behind them and that the team is focused on future success.
In addition to the audit findings, Autodesk announced two key executive appointments. Elizabeth "Betsy" Rafael has been named Interim Chief Financial Officer, effective May 31, 2024. She has stepped down from the Audit Committee but remains a board member. Deborah L. Clifford has joined as Chief Strategy Officer, responsible for corporate development, new verticals, and sustainability initiatives.
The company is working to file its annual 10-K report as soon as possible and plans to hold an earnings call to discuss the Q1 fiscal 2025 results. Until then, it remains in a closed period and is limited in its communication with investors.
Looking ahead, Autodesk expects revenue to reach approximately $1.42 billion for the first quarter of fiscal 2025, with both GAAP and non-GAAP diluted EPS showing strong performance. For the second quarter and full year of fiscal 2025, the company has issued guidance that reflects continued growth and stability, despite ongoing economic uncertainties.
This update highlights Autodesk’s commitment to transparency, accountability, and long-term value creation. As the company moves forward, it continues to focus on innovation, customer satisfaction, and sustainable growth.
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