Autodesk stock fell Tuesday after the company disclosed an internal investigation into its accounting practices and postponed the release of its annual financial report.
The maker of software for computer-aided design and workflows said it discovered accounting issues involving its "free cash flow and non-GAAP operating margin practices."
As a result of the investigation, Autodesk told the U.S. Securities and Exchange Commission that it will not be able to file its 10-K for the fiscal year ended Jan. 31 on a timely basis. It expects to file the 10-K form within the 15-day extension period.
Autodesk said the issues in question were brought to management's attention after the company's fiscal fourth-quarter earnings announcement on Feb. 29. However, the company said it currently does not believe that any of the matters under investigation will affect any previously issued financial statements or the information in the company's latest earnings release.
Autodesk Stock Slides On News
Autodesk said it is conducting the internal probe with the assistance of "outside counsel and advisors."
On the stock market today, Autodesk stock dropped 4.1% to close at 248.71.
In its fiscal Q4 report, Autodesk said it earned an adjusted $2.09 a share, up 12% year over year. Sales rose 11% to $1.47 billion, it said. Analysts polled by FactSet had expected Autodesk to earn $1.95 a share on sales of $1.43 billion.
Autodesk stock is on the IBD Tech Leaders list.
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