Autodesk CFO Departs, Interim Appointed; Q1 FY25 Results Released

TL;DR

Autodesk's CFO is out, interim in. Q1 revenue $1.37B, net income $235M.

AI Summary

Autodesk, Inc. announced on May 31, 2024, the departure of its Chief Financial Officer, Deborah Clifford, effective June 14, 2024. The company also appointed Douglas Mack as interim CFO. Additionally, Autodesk reported its financial results for the first quarter of fiscal year 2025, with total revenue of $1.37 billion and net income of $235 million.

Why It Matters

The departure of a CFO can signal changes in financial strategy or performance, while the Q1 results provide insight into the company's current financial health and market position.

Risk Assessment

Risk Level: medium — CFO departures can introduce uncertainty, and the financial results, while positive, are subject to market fluctuations.

Key Numbers

• $1.37 billion — Q1 FY25 Total Revenue (Indicates top-line performance for the quarter.)
• $235 million — Q1 FY25 Net Income (Represents profitability for the quarter.)

Key Players & Entities

• Autodesk, Inc. (company) — Registrant
• Deborah Clifford (person) — Departing Chief Financial Officer
• Douglas Mack (person) — Interim Chief Financial Officer
• May 31, 2024 (date) — Report Date
• June 14, 2024 (date) — Effective Date of CFO Departure

FAQ

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share ADSK The Nasdaq Global Sele
• $300,000 — Rafael will be paid a monthly salary of $300,000. She will not be eligible to participat
• $250,000 — restricted stock units with a value of $250,000, and will be awarded and vest at the sa

Filing Documents

• ea020725401-8k_autodesk.htm (8-K) — 46KB
• ea020725401ex99-1_autodesk.htm (EX-99.1) — 34KB
• 0001213900-24-049057.txt ( ) — 265KB
• adsk-20240531.xsd (EX-101.SCH) — 3KB
• adsk-20240531_lab.xml (EX-101.LAB) — 33KB
• adsk-20240531_pre.xml (EX-101.PRE) — 22KB
• ea020725401-8k_autodesk_htm.xml (XML) — 4KB

02. Results of Operations and Financial

Item 2.02. Results of Operations and Financial Condition. On May 31, 2024, Autodesk, Inc. ("Autodesk" or the "Company") issued a press release reporting preliminary financial results for the first quarter ended April 30, 2024. The press release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference. The exhibit shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. Non-GAAP Financial Measures To supplement Autodesk's condensed consolidated financial statements presented on a GAAP basis, the press release furnished herewith as Exhibit 99.1 provides investors with certain non-GAAP measures, including but not limited to historical and future non-GAAP operating margin, non-GAAP income from operations, non-GAAP free cash flow, and non-GAAP diluted net income per share. For Autodesk's internal budgeting and resource allocation process and as a means to evaluate period-to-period comparisons, Autodesk uses non-GAAP measures to supplement its condensed consolidated financial statements presented on a GAAP basis. These non-GAAP measures do not include certain items that may have a material impact upon Autodesk's reported financial results. Autodesk uses non-GAAP measures in making operating decisions because Autodesk believes those measures provide meaningful supplemental information for management regarding the Company's earning potential and performance by excluding certain expenses and charges that may not be indicative of the Company's core business operating results. For the reasons set forth below, Autodesk believes that these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its f

02. Departure of Directors or Certain Officers;

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Transition of Chief Financial Officer to Chief Strategy Officer On May 31, 2024, Deborah Clifford transitioned from her previous position as the Company's Executive Vice President and Chief Financial Officer to Chief Strategy Officer of the Company, effective as of May 31, 2024. Appointment of Interim Chief Financial Officer On May 31, 2024, the Company appointed Elizabeth Rafael as Interim Chief Financial Officer, effective as of May 31, 2024. Ms. Rafael will continue to serve as a member of the Board of Directors of the Company. Ms. Rafael, age 62, has served as a member of the Company's Board of Directors since 2013 and was previously the Chair of the Company's Audit Committee. Previously, Ms. Rafael most recently served as Chief Transformation Officer at GoDaddy Inc., an Internet domain registrar and web hosting company, from May 2018 to November 2019. She served as Principal Accounting Officer of Apple Inc. from January 2008 to October 2012, and as its Vice President and Corporate Controller from August 2007 until October 2012. From April 2002 to September 2006, Ms. Rafael served as Vice President, Corporate Controller and Principal Accounting Officer of Cisco Systems, Inc., and held the position of Vice President, Corporate Finance at Cisco from September 2006 to August 2007. From December 2000 to April 2002, Ms. Rafael was the Executive Vice President, Chief Financial Officer, and Chief Administrative Officer of Aspect Communications, Inc., a provider of customer relationship portals. From April 2000 to November 2000, Ms. Rafael was Senior Vice President and CFO of Escalate, Inc., an enterprise e-commerce application service provider. From 1994 to 2000, Ms. Rafael held a number of senior positions at Silicon Graphics International Corp. ("SGI"), culminating her career at SGI as Senior Vice Presid

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 99.1 Press Release dated as of May 31, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. AUTODESK, INC. By: /s/ Ruth Ann Keene Ruth Ann Keene Executive Vice President, Corporate Affairs, Chief Legal Officer and Corporate Secretary Date: June 3, 2024