Autodesk reports results of audit committee investigation Provides preliminary results for first quarter fiscal 2025 and business outlook

SAN FRANCISCO, May 31, 2024 — Autodesk, Inc. (NASDAQ: ADSK) has officially released the findings of its internal Audit Committee investigation into financial reporting practices. The review, initiated on April 1, 2024, focused on the company’s free cash flow and non-GAAP operating margin calculations. After a thorough examination, the company confirmed that no adjustments or restatements will be made to any previously filed or announced GAAP or non-GAAP financial statements. The Audit Committee concluded its work, and management has stated that there are no material misstatements in the financial reports. This decision comes after extensive analysis of the company’s accounting methods and practices over the past three fiscal years—2022, 2023, and 2024. Autodesk also shared preliminary results for the first quarter of fiscal 2025 and provided an updated business outlook. “We appreciate the patience of our stakeholders as we worked through this important process,” said Andrew Anagnost, President and CEO of Autodesk. “We take these matters seriously and are confident in our financial position moving forward. Our strong start in Q1 FY25 shows continued growth across AEC and manufacturing, and we’re well-positioned to meet our annual goals.” In addition to the audit findings, Autodesk announced key executive changes. Elizabeth "Betsy" Rafael has been appointed as Interim Chief Financial Officer, effective May 31, 2024. She is stepping down from the Audit Committee and is not currently considered an independent director under Nasdaq rules. Deborah L. Clifford has joined as Chief Strategy Officer, responsible for corporate development, new vertical initiatives, and the company’s sustainability efforts. Autodesk remains committed to filing its annual report on Form 10-K as soon as possible and holding an earnings call to discuss Q1 FY25 results. Until then, the company is in a closed period and cannot communicate with investors. The Audit Committee identified several key areas of focus during the investigation, including multiyear contracts with enterprise customers and how they impacted cash flow and revenue recognition. While the company disclosed these practices, it did not quantify their impact on free cash flow until later. Decisions regarding spending and collections were influenced by financial targets, but these actions were not tied to executive compensation. As part of the remediation process, the company plans to enhance financial disclosures, review internal processes, and strengthen policies around financial reporting. Looking ahead, Autodesk expects solid performance in Q2 FY25, with revenue projected between $1.475 billion and $1.490 billion, and non-GAAP EPS between $1.98 and $2.04. For the full year, revenue is expected to grow between 9% and 11%, reaching $5.99 billion to $6.09 billion. Free cash flow is forecasted at $1.43 billion to $1.5 billion. The company emphasized that these figures are based on current assumptions and are subject to change due to various risks, including economic conditions, foreign exchange fluctuations, and market competition. Autodesk remains cautious but optimistic about its future. For more information, visit [autodesk.com](https://www.autodesk.com). Follow @autodesk on social media for updates. #MakeAnything SOURCE: Autodesk, Inc.

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