Autodesk 2014 Annual Report Download - page 96

2013 Annual Report
2014 Form 10-K 22
quarter in order to reduce our exposure to foreign currency volatility, we do not attempt to completely mitigate this risk, and in
any case, will incur transaction fees in adopting such hedging programs. Such volatility, even when it increases our revenues or
decreases our expenses, impacts our ability to accurately predict our future results and earnings.
Net revenue or earnings shortfalls or the volatility of the market generally may cause the market price of our stock to decline.
The market price for our common stock has experienced significant fluctuations and may continue to fluctuate
significantly. The market price for our common stock may be affected by a number of factors, including the other factors
described in this Part I, Item 1A and the following:
 shortfalls in our expected financial results, including net revenue, earnings or key performance metrics;
 quarterly variations in our or our competitors' results of operations;
 general socio-economic, political or market conditions;
 confusion on the part of analysts and investors about the short-term and long-term impact to our business resulting
from our business model transition;
 uncertainty about certain governments' abilities to repay debt or effect fiscal policy;
 changes in estimates of future results or recommendations by securities analysts;
 the announcement of new products or product enhancements by us or our competitors;
 unusual events such as significant acquisitions, divestitures, regulatory actions and litigation;
 changes in laws, rules or regulations applicable to our business;
 outstanding debt service obligations; and
 other factors, including factors unrelated to our operating performance, such as instability affecting the economy or the
operating performance of our competitors.
Significant changes in the price of our common stock could expose us to additional costly and time-consuming litigation.
Historically, after periods of volatility in the market price of a company's securities, a company becomes more susceptible to
securities class action litigation. This type of litigation is often expensive and diverts management's attention and resources.
From time to time we realign or introduce new business and sales initiatives; if we fail to successfully execute and manage
these initiatives, our results of operations could be negatively impacted.
As part of our effort to accommodate our customers' needs and demands and the rapid evolution of technology, we from
time to time evolve our business and sales initiatives such as realigning our development and marketing organizations, and
expanding our portfolio of suites and our offering of software as a service, and realigning our internal resources in an effort to
improve efficiency. Specifically, during fiscal 2013 we undertook organizational changes in order to address major business
initiatives, including our desire to accelerate our move to the cloud, transform our customers' experience, increase industry
focus to meet customer demands, and develop more effective marketing. These reorganizational efforts included changes to the
structure and alignment of our product development and marketing teams and re-organization of our sales teams by industry.
We may take such actions without clear indications that they will prove successful, and at times, we have been met with short-
term challenges in the execution of such initiatives. Market acceptance of any new business or sales initiative is dependent on
our ability to match our customers' needs at the right time and price. Often we have limited prior experience and operating
history in these new areas of emphasis. If any of our assumptions about expenses, revenue or revenue recognition principles
from these initiatives proves incorrect, or our attempts to improve efficiency are not successful, our actual results may vary
materially from those anticipated, and our financial results will be negatively impacted.
A breach of security in our products or computer systems may compromise the integrity of our products, harm our reputation,
create additional liability and adversely impact our financial results.