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Autodesk reports results of audit committee investigation Provides preliminary results for first quarter fiscal 2025 and business outlook
SAN FRANCISCO, May 31, 2024 /PRNewswire/ — Autodesk, Inc. (NASDAQ: ADSK) has officially concluded its internal audit committee investigation into the company's free cash flow and non-GAAP operating margin practices. This probe was first announced on April 1, 2024, and after a thorough review, the company has confirmed that no restatements or adjustments will be made to any previously filed or announced GAAP or non-GAAP financial statements.
The investigation focused on the company’s historical practices related to multiyear contracts with enterprise and product subscription customers. These contracts were often billed upfront to meet free cash flow targets. The Audit Committee found that while such arrangements were disclosed, the impact on future revenue and billings wasn't quantified prior to fiscal year 2024.
In a statement, Andrew Anagnost, President and CEO of Autodesk, said, "We appreciate your patience as we worked through this important process. We take these matters seriously and are grateful to move forward with confidence." He highlighted strong growth in the AEC and manufacturing sectors during the first quarter of fiscal 2025, as well as progress in implementing the new transaction model.
Autodesk also announced several key executive appointments. Elizabeth “Betsy†Rafael has been named Interim Chief Financial Officer, effective May 31, 2024. Deborah L. Clifford has joined as Chief Strategy Officer, overseeing corporate development, new vertical businesses, and sustainability initiatives.
The company is currently finalizing its annual report on Form 10-K and plans to host an earnings call to discuss the results of the first quarter of fiscal 2025. Until then, it remains in a closed period and cannot engage with investors.
Looking ahead, Autodesk provided preliminary results for Q1 FY25, reporting revenue of approximately $1.42 billion, with GAAP diluted EPS of about $1.16 and non-GAAP diluted EPS of around $1.87. For the second quarter and full fiscal year 2025, the company expects revenue between $1,475 million and $1,490 million for Q2, with non-GAAP EPS ranging from $1.98 to $2.04. Full-year guidance includes revenue of $5.99 billion to $6.09 billion, with non-GAAP EPS expected between $7.99 and $8.21.
The company emphasized that its outlook considers current economic conditions and foreign exchange rates, with risks and uncertainties outlined in the Safe Harbor Statement. As always, Autodesk reminds investors that actual results may differ due to various factors, including market changes, regulatory shifts, and global economic conditions.
About Autodesk:
Autodesk empowers creators, engineers, and builders worldwide to design and make anything. From architecture to entertainment, the company’s tools help transform ideas into reality. With a commitment to innovation and sustainability, Autodesk continues to lead in digital design and construction solutions. Learn more at www.autodesk.com or follow @autodesk on social media.
SOURCE: Autodesk, Inc.