Autodesk just filed a form 8-K with the US Securities and Exchange Commission that says that the company is restructuring to reduce both staff and facilities — although it’s not saying how many people, from which parts of the business, or which facilities will be affected. Out of a total $15 million to $20 million in restructuring costs, $12 million to $16 million will be for “one-time employee termination benefits”.
The only color commentary in the filing is this:
The Company is taking these actions to re-balance staffing levels to better align them with the evolving needs of the business. While the Company is reducing its staffing levels areas in the near-term, the Company will increase staffing in areas where there is increased demand and opportunity.
We’ll know a lot more when Autodesk hosts its investor day on Wednesday.
Purely speculating here, but it certainly makes sense that the transition to subscription licensing coupled with a soft economy in many of its end-markets leads Autodesk to caution. Remember, too, that CEO Carl Bass has said that he’s looking to bring in new types of talent to help Autodesk expand into cloud, mobile platforms and other areas — so this shouldn’t really surprise anyone. But, as I wrote, we’ll know more on Wednesday.
Yes, that’s the news icon above and not the earnings one. But I can’t (just can’t) put up two of the earnings ones in a single day. So there.