Autodesk 2003 Annual Report Download - page 8

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6FY 03 Autodesk, Inc.
Key Growth Initiatives
Our customers identify Autodesk with inno-
vation. As part of our plan to extend
Autodesk’s technology leadership into the
next decade, we are developing several key
growth initiatives in markets that we believe
have excellent potential:
•LIFECYCLE MANAGEMENT: In fiscal 2003, we
began to focus efforts throughout our divi-
sions on developing lifecycle management
solutions that offer customers significant
improvements to their critical business
processes. For example, Autodesk Buzzsaw, a
component of building lifecycle management,
now has 73,000 users, proving that online col-
laboration is the right solution for the building
industry.We’ll continue to extend our invest-
ment and build on our progress in lifecycle
management.
•AUTODESK LOCATION SERVICES: Through our
Location Services Division we provide technology
to wireless carriers to develop and deploy
location-based services that will drive data
services, build customer loyalty, and increase
customer usage. Our complete location solution
allows carriers to quickly and easily develop
and deploy customized applications or to
location-enable existing services. Autodesk
Location Services has engaged in several trials
with operators in the U.S. and EMEA, whose
combined subscriber base is more than 25
million users.
•DESKTOP VIDEO: The rapidly increasing number
of professionals using video on their desktop
makes this a compelling new market. Discreet’s
fiscal 2003 releases of its streaming media
encoding product, cleaner XL, together with
the latest version of combustion, form a great
foundation for Discreet as it pursues this
growth opportunity.
Looking beyond our geographies and strong
product line, we have an efficient business
model capable of supporting investments
as well as increased revenue levels and
profitability.
A key component of our business model is our
positive cash flow, even in the midst of an
industry slowdown. We generated more than
$86 million in cash from operations in fiscal
year 2003, and this continues to be a signifi-
cant competitive advantage for Autodesk.
We also have a strong balance sheet. Cash,
cash equivalents, and marketable securities
equaled $411 million, even with acquisitions
totaling $145 million, stock repurchases of $65
million, and dividends of $14 million.
Furthermore, we have no long-term debt.
Overall, fiscal 2003 was a tough year, but our
investments in product development and our
ability to generate cash remain key differentia-
tors between Autodesk and its competition.
Balance Sheet Review