Autodesk has named board member Elizabeth Rafael as interim chief financial officer following an investigation into accounting practices
Autodesk launched an internal audit committee investigation into the company’s free cash flow and non-GAAP operating margin practices on 1 April.
The relevant time period for the investigation was fiscal years 2022, 2023 and 2024.
Following the conclusion of the investigation, the company’s management said there will be no restatement or adjustment to any audited or unaudited, filed or previously announced, GAAP or non-GAAP financial statements.
The audit committee has proposed certain remedial measures including: reviewing certain processes around financial communications and disclosures; assessing certain company organizational functions and responsibilities; and adopting and enhancing policies and processes related to the matters investigated.
Following her appointment as interim CFO, Rafael has stepped down from the audit committee. She remains a director of the company.
Deborah L Clifford, who previously served as CFO, has been appointed as chief strategy officer. Her responsibilities will include corporate development, new vertical businesses outside Autodesk’s existing product groups and the company’s social impact and sustaina
Preliminary Q1 earnings beat expectations
Autodesk reported preliminary first-quarter revenue of around $1.42bn, above analysts’ expectations of $1.39bn, according to LSEG data.
The company said it is working to file its annual report on Form 10-K as soon as possible and to hold an earnings call to discuss first quarter fiscal 2025 results.
Until the Form 10-K is filed and full first quarter earnings are reported, the company remains in a closed period and is restricted in its communications with investors.
Autodesk was founded in 1982. Based in San Francisco, California, the company employs 13,700 staff worldwide.
In April, the company announced an interoperability agreement with AEC software giant Nemetschek Group.
The “historic” partnership will connect Nemetschek’s dTwin digital twin platform, Bluebeam Cloud, BIMCloud and BIMPlus to Autodesk’s industry clouds – Forma, Fusion and Flow.
