Autodesk 2004 Annual Report Download

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Table of contents

  • Page 1

  • Page 2
    ... increased our customers' productivity and profitability. We made strides toward fulfilling our lifecycle management vision, continuing to unite our product line into integrated, interoperable design solutions. And we continued our expansion into new geographies, opening our China Development Center...

  • Page 3
    ... are at the heart of our product development. This year we incorporated their feedback as never before, seeking their input in focus groups, beta programs, user group meetings and face-to-face visits at customer sites. And we expanded these events to locations around the world, gathering feedback...

  • Page 4
    ...our Subscription program. Customers are increasingly embracing the added value of this offering, which enhances their productivity and return on investment. Our financial performance demonstrates that our strategy is working. Our customers like what they see. Our financial goals for fiscal 2004 were...

  • Page 5
    .... AutoCAD revenues increased 26 percent over the previous year, with strong growth in new licenses and upgrades. Discreet, our entertainment group, made an impressive comeback with a 9 percent revenue increase over fiscal 2003 to $140 million. Discreet's powerful products, coupled with the return...

  • Page 6
    ...vast market • Terrific rebound in the Discreet business, with a strong fourth-quarter showing • Stepped-up customer feedback programs, drawing on an unprecedented number of customers to develop next-generation product releases We continue making the customer the center of all our decision making...

  • Page 7
    ...visualizations. Design Solutions Group Our DSG customers can never get enough performance. Performance improvements deliver increased productivity and profitability to users, and give them a competitive advantage. In fiscal 2004, we shipped new releases for our entire family of AutoCAD products-one...

  • Page 8
    ...level, we set the following key growth initiatives for fiscal 2004 and beyond: • Stronger Design Tools: As we improve the performance and functionality of current products with each new release, we are also developing products that address industry-specific needs. • Expanded Lifecycle Management...

  • Page 9
    ..., we have already started shipping the AutoCAD 2005 family of products. We also plan to introduce several significant new products, including the important new release of Autodesk Civil 3D for our infrastructure customers and new Linux-based releases for our media customers. We have just begun...

  • Page 10

  • Page 11
    ... 111 McInnis Parkway, San Rafael, California (Address of principal executive offices) 94903 (Zip Code) Registrant's telephone number, including area code: (415) 507-5000 Securities registered pursuant to Section 12(b) of the Act: Title of each class Name of each exchange on which registered None...

  • Page 12
    ...integrated and interoperable design software, Internet services, wireless development platforms and point-of-location applications that empower millions of users. Our software products are sold in over 160 countries, both directly to customers and through a network of resellers and distributors. Our...

  • Page 13
    ... of applications, including feature films, television programs, commercials, music and corporate videos, interactive game production, design visualization, Web design and interactive Web streaming. In addition to the customers served by our operating segments, our Location Services Division offers...

  • Page 14
    ... Buzzsaw, offered by Autodesk Collaboration Services, is an online collaboration service that allows users to store, manage, and share project documents from any Internet connection. The Autodesk Buzzsaw online work environment integrates a secure project hosting service with CAD-related software...

  • Page 15
    ... film work, including film specific tools for grain management, wire and scratch removal and color calibration. It is tuned to provide high levels of feedback on large format imagery and is designed specifically for film and HD content. smoke smoke is an on-line, non-linear creative editing and...

  • Page 16
    ... revenue. Autodesk LocationLogic LocationLogic provides wireless carriers with location services, including the ability to handle high location services transaction volume, support for real-time data communication, and support for a variety of end-user devices, including mobile phones, PDAs...

  • Page 17
    ... classes, the Internet and direct telephone support. We also provide optional online support through our subscription program and support content is also available on the Product Support portion of our Internet site. There are also a number of user group forums in which customers are able to share...

  • Page 18
    specific uses. We offer several programs that provide marketing, sales, technical support and programming tools to developers who develop add-on applications for our products. BACKLOG We typically ship products shortly after receipt of an order, which is common in the software industry. Our backlog ...

  • Page 19
    ... of our Design Solutions Segment and certain Discreet Segment software products involves duplication of the software media and the printing of user manuals. The purchase of media and the transfer of the software programs onto media for distribution to customers are performed by us and by licensed...

  • Page 20
    ... preventing Autodesk from working with contractors under the agreement. On October 2, 2003, a jury found that Autodesk did not breach the agreement. The court ordered Spatial to pay Autodesh approximately $2.4 million for reimbursement of attorneys' fees and costs of trial. Spatial filed a notice...

  • Page 21
    ... in August 2002 and serves as Senior Vice President and Chief Financial Officer. Prior to joining Autodesk, Mr. Castino was Chief Financial Officer for Virage, Inc., a video and media communication software company from January 2000 to July 2002 and from August 1999 to January 2000 he served as...

  • Page 22
    ... RELATED STOCKHOLDER MATTERS Our common stock is traded on The Nasdaq National Market under the symbol ADSK. The following table lists the high and low sales prices for each quarter in the last two fiscal years. These share prices were adjusted for the two-for-one stock split that was effective for...

  • Page 23
    ...-K. Fiscal year ended January 31, 2004 2003 2002 2001 2000 (In thousands, except per share data) For the Fiscal Year Net revenues ...Income from operations (1) ...Net income (1)(2)(3) ...At Year End Total Assets ...Long-term liabilities ...Common stock data Basic net income per share ...Diluted net...

  • Page 24
    .... We continue to increase the business value of our desktop design tools for our customers in a number of ways. We improve the performance and functionality of existing products with each new release. Beyond our general design products, we develop products addressing specific vertical market needs...

  • Page 25
    ... margin targets with revenue growth opportunities. Autodesk generates significant cash flow. Our uses of cash include a $0.03 per share quarterly dividend, share repurchases to offset the dilutive impact of our employee stock plans, mergers and acquisitions, and investments in growth initiatives. We...

  • Page 26
    ...and downstream users. Our primary offerings are Autodesk Architectural Desktop, based on AutoCAD software, and Autodesk Revit, a platform providing a complete architectural design and documentation platform supporting all phases of design and all the architectural drawings and schedules required for...

  • Page 27
    ...distributors, our sales contracts do not contain specific product-return privileges. However, we permit our distributors and resellers to return product in certain instances, generally when new product releases supercede older versions. At January 31, 2004 and 2003, our product returns reserves were...

  • Page 28
    ... of between 550 and 650 positions and the closure of a number of offices worldwide. This plan is designed to further reduce operating expense levels to help achieve our targeted operating margins as well as redirect resources to product development, sales development and other critical areas. The...

  • Page 29
    ...existing accounting guidance that addresses when a company should include in its financial statements the assets, liabilities and activities of another entity. A variable interest entity is a corporation, partnership, trust or any other legal structure used for business purposes that either (a) does...

  • Page 30
    ...retire the AutoCAD 2000-based product series during early calendar 2004. In addition, our AutoCAD-based product installed base grew to nearly 3.4 million at the end of fiscal 2004. Subscription revenues increased 51% from the prior year as our subscription program, now available to most customers in...

  • Page 31
    ... million in cash and marketable securities, a higher deferred revenue balance and an improved days sales outstanding position as compared to the previous year. Approximately 65% of the deferred revenues balance at January 31, 2004 consisted of customer subscription contracts which will be recognized...

  • Page 32
    ... Inventor Series or Autodesk Revit. However, should sales of AutoCAD, AutoCAD upgrades and AutoCAD LT products decrease without a corresponding conversion of the customer seats to 3D products, our results of operations will be adversely affected. Net revenues for the Discreet Segment increased...

  • Page 33
    ... years. While the customer subscription program met our internal growth goals during fiscal 2003, subscription revenues were not yet large enough to offset the relatively weak upgrade sales. This was due to the ratable revenue recognition model that we use for subscription bookings and the lack of...

  • Page 34
    ... labor cost of processing orders and fulfilling service contracts. Direct material and overhead charges include the cost of hardware sold (mainly workstations manufactured by SGI for the Discreet Segment), costs associated with transferring our software to electronic media, printing of user manuals...

  • Page 35
    ...charges. These expenses also include programs aimed at increasing revenues, such as advertising, trade shows and expositions, as well as various sales and promotional programs designed for specific sales channels and end users. The increase of $35.5 million between fiscal years 2004 and 2003 was due...

  • Page 36
    ... of between 550 and 650 positions and the closure of a number of offices worldwide. This plan is designed to further reduce operating expense levels to enable us to achieve our targeted operating margins as well as redirect resources to product development, sales development and other critical areas...

  • Page 37
    ...fiscal 2002 Autodesk recognized $33.6 million of restructuring and other charges. These charges resulted from restructuring activities ($24.5 million), in-process research and development expenses related to the acquisition of the software division of Media 100 ($3.2 million - see Note 10, "Business...

  • Page 38
    ... benefits from the resolution of a Foreign Sales Corporation ("FSC") issue and the Internal Revenue Service ("IRS") audit resolution for fiscal 2000, described below, our effective income tax rate was 24% in fiscal 2004, 27% in fiscal 2003 (absent the impact of the non-recurring tax benefit from the...

  • Page 39
    ... Linius Technologies, Inc. December 2002 truEInnovations, Inc. This acquisition brought us file and data management software that has been integrated into our Autodesk Inventor Series environment. The truEInnovations, Inc. acquisition has been integrated with our Manufacturing Solutions Division...

  • Page 40
    ... with streaming media technology, cleaner brand encoding software, production and editing tools. This business has been integrated with our Discreet segment. We acquired the remaining 60% of stock in Buzzsaw that we did not own. This acquisition provided us with leading online project collaboration...

  • Page 41
    ...; dividend payments; the share repurchase program; the acquisition of businesses, software products, or technologies complementary to our business; and capital expenditures, including the purchase of customer relationship management software and services. At January 31, 2004 approximately 54% of our...

  • Page 42
    ... in Autodesk's proxy statement dated May 20, 2003, for further information concerning Autodesk's policies and procedures regarding the use of stock options. Grants to our outside directors are non-discretionary and are pre-determined by the terms of the 2000 Directors' Option Plan. Additional...

  • Page 43
    ...in upgrade or maintenance revenue, failure to achieve anticipated levels of customer acceptance of key new applications, unexpected costs or changes in marketing or other operating expenses, changes in product pricing or product mix, platform changes, delays in product releases, distribution channel...

  • Page 44
    ...integrated with internally developed software and used in our products to perform key functions. An example of this type of software is the ACIS geometric solid modeler we license from Spatial Corp. These third-party software licenses may not continue to be available on commercially reasonable terms...

  • Page 45
    ... applications in the Discreet Segment, and service offerings to address demands in the marketplace for increased connectivity and use of digital data created by computer-aided design software. As a result, we are transitioning to new business models, requiring a considerable investment of technical...

  • Page 46
    ... that product returns will continue to be impacted by product update cycles, new product releases such as AutoCAD 2004 and software quality. We establish reserves for stock balancing and product rotation. These reserves are based on historical experience, estimated channel inventory levels and...

  • Page 47
    ... our employee stock plans as compensation, our net income and earnings per share would be significantly reduced and we may be forced to change our business practices to attract and retain employees. Historically, we have used stock options as a key component of our employee compensation packages...

  • Page 48
    ... for trading or speculative purposes. A sensitivity analysis, performed on our hedging portfolio as of January 31, 2004, indicated that a hypothetical 10% appreciation of the U.S. dollar from its value at January 31, 2004 would increase the fair value of our forward exchange and option contracts by...

  • Page 49
    ... 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA AUTODESK, INC. CONSOLIDATED STATEMENTS OF INCOME Fiscal year ended January 31, 2004 2003 2002 (in thousands, except per share data) Net revenues: License and other ...Maintenance ...Total net revenues ...Costs and expenses: Cost of license and other...

  • Page 50
    ...assets ...Marketable securities ...Computer equipment, software, furniture and leasehold improvements, at cost: Computer equipment, software and furniture ...Leasehold improvements ...Less accumulated depreciation ...Net computer equipment, software, furniture and leasehold improvements ...Purchased...

  • Page 51
    ... securities ...Sales and maturities of available-for-sale marketable securities ...Business combinations, net of cash acquired ...Capital and other expenditures ...Purchases of software technologies and capitalization of software development costs ...Other investing activities ...Net cash used...

  • Page 52
    ... and stock purchase plans ...Tax effect of stock plans ...Shares issued in connection with an acquisition Compensation expense related to stock options ...Comprehensive income: Net income ...Other comprehensive income, net of tax: Change in unrealized gains on available-for-sale securities, net...

  • Page 53
    ...integrated and interoperable design software, Internet services, wireless development platforms and point-of-location applications that empower millions of users. Autodesk software products are sold in over 160 countries, both directly to customers and through a network of resellers and distributors...

  • Page 54
    ..., type of security and issuer. Autodesk's accounts receivable are derived from sales to a large number of direct customers, resellers and distributors in the Americas, Europe and the Asia Pacific region. Autodesk performs ongoing evaluations of its customers' financial condition and limits the...

  • Page 55
    ...software developed or obtained for internal use are capitalized for application development activities and immediately expensed for preliminary project activities and postimplementation activities. Purchased Technologies and Capitalized Software Costs incurred in the initial design phase of software...

  • Page 56
    AUTODESK, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) Note 1. Business and Summary of Significant Accounting Policies (Continued) Expected future amortization expense for purchased technologies and capitalized software for each of the fiscal years ended through January 31, 2009 is as...

  • Page 57
    ...to certain intangible assets related to Media 100, attributed to the Discreet Segment of Autodesk. See Note 10, "Business Combinations", for a more detailed discussion of the impairment. In addition to the recoverability assessments, Autodesk routinely reviews the remaining estimated useful lives of...

  • Page 58
    ... or the price as set by management with the relevant authority. For reporting purposes, Autodesk reports revenue generated from the subscription program separately as maintenance revenue on the Consolidated Statements of Income. Revenue from all other sales types including product, consulting...

  • Page 59
    ... qualifying sales. Autodesk establishes reserves for product return and price adjustments. These reserves are based upon channel inventory levels and the timing of new product introductions, channel sell-in for applicable markets, historical experience of actual product returns and price adjustment...

  • Page 60
    ...Directors authorized a two-for-one stock split in the form of a stock dividend to stockholders of record as of April 4, 2002. All references in the consolidated financial statements and notes thereto with respect to the number of shares, per share amounts and market prices of Autodesk's common stock...

  • Page 61
    ... exchange rates. Under its risk management strategy, Autodesk uses foreign currency forward and option contracts to manage its exposures of underlying assets, liabilities and other obligations, which exist as part of the ongoing business operations. These foreign currency instruments by policy...

  • Page 62
    ... amount is often used to express the volume of foreign exchange contracts, the amounts potentially subject to credit risk are generally limited to the amounts, if any, by which the counterparties' obligations under the agreements exceed the obligations of Autodesk to the counterparties. Options...

  • Page 63
    ... million in fiscal 2003 and $2.8 million in fiscal 2002. The cost of securities sold is based on the specific identification method. Proceeds from the sale of marketable securities were $202.6 million in fiscal 2004, $145.9 million in fiscal 2003, and $191.0 million in fiscal 2002. Note 4. Income...

  • Page 64
    ... are as follows: January 31, 2004 2003 (In thousands) Purchased technology and capitalized software ...Reserves for product returns and bad debts ...Tax loss carryforwards ...Accrued compensation and benefits ...Fixed assets ...Research and development credit carryforwards ...Foreign tax credit...

  • Page 65
    ... recognized interest income of $4.2 million during fiscal 2004. During the fourth quarter of fiscal 2004, the statute of limitations lapsed with respect to the fiscal year ended 2000. As a result of the Company's resolution of its Internal Revenue Service ("IRS") audit and closure for that year, the...

  • Page 66
    ... of up to $40.0 million, which could be used from time to time for working capital or other business needs. This credit facility expired in February 2004. There were no borrowings outstanding under this agreement at the time it expired. Autodesk does not plan to renew this credit facility. Note...

  • Page 67
    ... its future results of operations. In connection with the sale or license to third parties of assets or businesses, Autodesk has entered into customary indemnity agreements related to the assets or businesses sold or licensed. Historically, costs related to these guarantees have not been significant...

  • Page 68
    ... in fiscal 2002 at an average repurchase price of $18.49 per share. The purpose of the stock repurchase program is, among other things, to help offset the dilution to earnings per share caused by the issuance of stock under Autodesk's employee stock plans. Between November 1999 and December 2003...

  • Page 69
    ... under existing stock option and stock purchase programs. 1998 Employee Qualified Stock Purchase Plan Under Autodesk's employee qualified stock purchase plan, which was approved by stockholders in 1998, eligible employees may purchase shares of Autodesk's common stock at their discretion using up to...

  • Page 70
    AUTODESK, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) Note 9. Stock Compensation and Employee Benefit Plans (Continued) in the plan agreement. At January 31, 2004, a total of 5.4 million shares were available for future issuance. This amount will automatically be increased on the ...

  • Page 71
    ... Development Corporation ("VIA") In March 2003, Autodesk acquired certain assets of VIA for approximately $4.2 million in cash. This acquisition provides Autodesk with electrical schematics, wire diagram, and controls engineering automation technology. Autodesk allocated the purchase consideration...

  • Page 72
    ... software market as well as enhance Autodesk's core civil design industry business by addressing the needs of both the public and private sector engineering community. Management's allocation of the purchase consideration, which is based on valuations of acquired assets and liabilities performed...

  • Page 73
    ... content over the Internet. Management's allocation of the purchase price, which is based on valuations of acquired assets performed by a third party, is as follows (in thousands): Inventory and computer hardware ...Intangible assets and amounts: Developed technologies (3 year useful life) ...Brand...

  • Page 74
    ... financial statements since the acquisition date. Prior to the acquisition date, Autodesk accounted for its interest in Buzzsaw using the equity method of accounting. Management's allocation of the purchase price, which is based on valuations of acquired assets performed by a third party, resulted...

  • Page 75
    ... of between 550 and 650 positions and the closure of a number of offices worldwide. This plan is designed to further reduce operating expense levels to enable us to achieve our targeted operating margins as well as redirect resources to product development, sales development and other critical areas...

  • Page 76
    ...expense levels. The plan included the termination of 164 employees and the closure of several domestic and international offices. The following table sets forth the restructuring activities for the fiscal years ended January 31, 2002, 2003 and 2004 (in thousands). The fiscal 2003 office closure cost...

  • Page 77
    ...674) $ 8,853 Charges utilized include $0.1 million, $1.3 million, and $0 of non-cash charges during fiscal 2004, 2003 and 2002, respectively. Autodesk expects to pay the employee termination costs within one year, and the office closure costs over the remaining lease terms, ranging from one to five...

  • Page 78
    ... 2004, 2003 and 2002, respectively. The Discreet Segment derives revenues from the sale of its products to creative professionals for a variety of applications, including feature films, television programs, commercials, music and corporate videos, game production, web design and interactive web...

  • Page 79
    ....9 460.7 $790.2 Information regarding Autodesk's operations by geographic area is as follows: Fiscal year ended January 31, 2004 2003 (In millions) 2002 Net revenues: U.S. customers ...Other Americas ...Total Americas ...Europe, Middle East and Africa ...Asia Pacific ...Total net revenues ... $348...

  • Page 80
    ... forth the fiscal 2004 restructuring plan activities for Autodesk's reportable segments for the fiscal year ended January 31, 2004 (in thousands): Design Solutions Segment Office Closure Costs Employee Termination Costs Discreet Segment Office Closure Costs Employee Termination Costs Total Balance...

  • Page 81
    ... classified Information Technology and other corporate service costs that benefit the entire organization as General and Administrative expenses in our Consolidated Statements of Income. During the fourth quarter of fiscal 2004, Autodesk re-evaluated its cost allocation methodology and reclassified...

  • Page 82
    ... technology complements Autodesk's solutions with tools that enable users to embed engineering calculations into their designs based on how parts function. Autodesk plans to integrate key components of MechSoft's technology into future versions of Autodesk Inventor Series. The assets acquired were...

  • Page 83
    ... for each of the three years in the period ended January 31, 2004. Our audits also included the financial statement schedule listed in the Index at Item 15(a)(2). These financial statements and schedule are the responsibility of Autodesk's management. Our responsibility is to express an opinion on...

  • Page 84
    ... Proxy Statement entitled "Election of Directors," "Section 16(a) - Beneficial Ownership Reporting Compliance" and "Code of Business Conduct." The information concerning Autodesk's executive officers required by this Item is incorporated by reference herein to the section of this Report at the end...

  • Page 85
    ... years ended January 31, 2004, 2003 and 2002, is filed as part of this Report and should be read in conjunction with the Consolidated Financial Statements of Autodesk, Inc. Schedule II Valuation and Qualifying Accounts Schedules not listed above have been omitted because they are not applicable or...

  • Page 86
    ... FINANCIAL STATEMENT SCHEDULE II AUTODESK, INC. VALUATION AND QUALIFYING ACCOUNTS Balance at Beginning of Year Additions Charged to Costs and Expenses Description Deductions Write-Offs Balance at End of Year Fiscal year ended January 31, 2004 Allowance for doubtful accounts ...Product returns...

  • Page 87
    ...any and all capacities, to sign any amendments to this Report on Form 10-K, and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that each of said attorneys-in-fact, or his substitute...

  • Page 88
    ... year ended January 31, 2003) List of Subsidiaries Consent of Ernst & Young LLP, Independent Auditors Power of Attorney (contained in the signature page to this Annual Report) Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934 Certification of...

  • Page 89
    ... Security Corporation Revit Technology Asia Pacific PTE LTD Canada Switzerland Sweden Switzerland Argentina Singapore Australia Brazil Netherlands Canada Shanghai Netherlands Switzerland Switzerland Hong Kong Austria Germany India Delaware Barbados Ireland Korea United Kingdom Japan Mexico Spain...

  • Page 90
    ... 1994 Restricted Stock and Stock Option Plan, Discreet Logic Inc. 1995 Employee Stock Purchase Plan, Discreet Logic Inc. 1995 Non-Employee Director Stock Option Plan and Discreet Logic Inc. 1997 Special Limited Non-Employee Director Stock Plan 1996 Stock Plan, 1998 Employee Qualified Stock Purchase...

  • Page 91
    ... in this report; The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have: a) Designed such disclosure controls and procedures, or caused...

  • Page 92
    ... in this report; The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have: a) Designed such disclosure controls and procedures, or caused...

  • Page 93
    ... Form 10-K for the annual period ended January 31, 2004 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained in such Form 10-K fairly presents in all material respects the financial condition and results of operations of...

  • Page 94
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  • Page 95
    ... Officer and President Corporate Headquarters Worldwide Headquarters Autodesk, Inc. 111 McInnis Parkway San Rafael, CA 94903 USA Mark A. Bertelsen Senior Partner, Wilson, Sonsini, Goodrich & Rosati Attorneys-at-Law Joseph H. Astroth Executive Vice President Location Services Division Asia...

  • Page 96