Autodesk Says No Restatement After Audit Probe; Names Elizabeth Rafael As Interim CFO

(RTTNews) - Autodesk Inc. (ADSK) concluded that there would be no restatement or adjustment of financial statements following the audit committee's investigation into the company's free cash flow and non-GAAP operating margin practices.

In addition, the company said it appointed Elizabeth Rafael as Interim Chief Financial Officer, effective May 31, 2024.

Deborah Clifford has been appointed as the company's Chief Strategy Officer, reporting to the Chief Executive Officer, effective May 31, 2024.

Autodesk also announced preliminary results for the first quarter fiscal 2025. It reported quarterly earnings per share of about $1.16, and non-GAAP earnings per share of $1.87 and revenues of about $1.42 billion. Analysts polled by Thomson Reuters expect the company to report earnings of $1.74per share and revenues of $1.39 billion for the first quarter. Analysts' estimates typically exclude special items.

Looking ahead for the second-quarter, the company projects earnings per share to be in the range of $1.12 - $1.18, non-GAAP earnings per share of $1.98 - $2.04 and revenue of $1.475 billion - $1.490 billion. Analysts expect the company to report earnings of $1.97 per share and revenues of $1.47 billion for the second-quarter.

For fiscal year 2025, the company anticipates earnings to be between $4.71 and $4.93 per share, non-GAAP earnings per share of $7.99 - $8.21. It projects annual revenue to be in the range of $5.99 billion - $6.09 billion, an increase of 9% - 11% from the prior year. Wall Street currently is looking for fiscal year 2025 earnings of $8.05 per share on annual revenues of $6.04 billion.