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Autodesk's CFO leaving to become Salesforce's CFO

  • Mark Hawkins, Autodesk's (ADSK) CFO since '09, is leaving at the end of July to become Salesforce's (CRM) CFO. Hawkins will replace Graham Smith, who announced plans to retire in February.
  • Separately, Autodesk says it now expects FQ2 revenue and EPS to be "at or above" the high end of prior guidance ranges of $595M-$610M and $0.25-$0.30. Consensus is at $600.2M and $0.28.
  • The CAD software giant is reiterating its FY15 guidance. It has launched "a selection process" to find a new CFO. Shares -1% AH.

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Comments (1)
  • Doyle3000
    , contributor
    Comments (1581) | Send Message
     
    Graham: "Welcome Mark, glad to have you here. We need to review some reporting SOPs before I leave ok?"
    Mark: "Sure, what is different at CRM vs. other companies?"
    Graham: "Well I'm glad to hear you ask because that means you didn't notice that we have an amazing and incredible ability to grow between 31%-35% YOY every single quarter no matter what is going on in the macro or micro economy"
    Mark: "And what does that have to do with how I report our quarterly revenues?"
    Graham: "I've actually built them for you for the next 6 quarters. Here you go. Take a look and read them to yourself and practice saying them a lot so when you say it on the call it sounds extremely sincere"
    Mark: "How on earth can you pre-determine your YOY growth 6 quarters into the future Graham???"
    Graham: "Well we have this beautiful little piggy bank called 'deferred revenue' which can act like a smoothing factor each quarter. We have the ability to move around recognized revenues to ensure that we always 'beat and raise' each quarter no matter what!"
    Mark: "Graham, that's unethical and practically illegal, why would you do that?"
    Graham: "Well candidly, our stock price is all we have. Our model doesn't actually work. It costs us $1.10 to sell each new revenue dollar. And we even lost $96mm last quarter. So it's really bad. But here's the good news, most of those expenses are stock options that aren't really expenses but they magically make your personal bank account expand geometrically each quarter!"
    Mark: "What about the shareholders?"
    Graham: "The who?"
    30 Jun 2014, 04:56 PM Reply Like
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