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Autodesk Won’t Restate Financials After Accounting Probe, Replaces CFO, Stock Rallies 6%

May 31, 2024, 09:25 PM

Autodesk has announced that it will not restate its financial results following an accounting probe. The investigation revealed that the company had shifted enterprise customers to contracts billed annually in FY22 but later decided to pursue multiyear upfront contracts to meet its FY23 free cash flow goals. As a result of the internal audit, which delayed financial filings for weeks, Autodesk replaced its CFO with a board member serving as interim CFO. Despite these challenges, Autodesk's stock rallied by 6% as the internal audit eased accounting concerns, and the company posted preliminary revenue above estimates.