Autodesk Inc . (NASDAQ:ADSK) announced today that it will not be able to file its Annual Report on Form 10-K for the fiscal year ended January 31, 2024, within the prescribed time frame. The delay is due to an internal investigation that was initiated following concerns related to the company's free cash flow and non-GAAP operating margin practices. These issues came to light subsequent to Autodesk's earnings release on February 29, 2024.
The Audit Committee of Autodesk's Board of Directors, consisting of independent directors as defined by Nasdaq's listing standards, is conducting the investigation with the aid of external counsel and advisors. The company has proactively informed the Securities and Exchange Commission (SEC) of the ongoing investigation and plans to provide additional details to the SEC as the process continues.
As the investigation is still underway, Autodesk is working diligently to conclude the inquiry. At this point, the company believes that the matters under scrutiny do not impact any previously released financial statements or the content of its recent earnings release. Autodesk anticipates filing the Form 10-K within the 15-day extension period allowed by Rule 12b-25 of the Securities Exchange Act of 1934.
The company's decision to voluntarily contact the SEC and its commitment to transparency in this matter reflects its adherence to regulatory standards and corporate governance. Autodesk's management and the Audit Committee are focused on a thorough review and are taking the necessary time to ensure the integrity of their financial practices.
This news comes as investors and stakeholders closely monitor the company's financial health and compliance with accounting standards. Autodesk's forthcoming updates on the investigation's findings and any potential implications for its financial reporting will be awaited with interest.
This article is based on information from a press release statement and an SEC filing by Autodesk.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.