Autodesk 2004 Annual Report Download - page 4

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2FY 04 Autodesk, Inc.
Our financial goals for fiscal 2004
were to drive revenue growth,
increase revenue predictability and
improve profitability. In a year
overshadowed by an economy in
transition, we met our goals, and
Autodesk flourished. Our strong per-
formance was driven by continued
strength in revenue from new users,
a significant increase in upgrades
and the ongoing success of the
company’s Subscription program.
In summary, net revenue for fiscal 2004 was
$952 million, an increase of 15 percent com-
pared with $825 million in fiscal 2003. Net
income for fiscal 2004 was $120 million, or
$1.04 per diluted share, including a
$3 million restructuring charge and the
positive effects of tax settlements totaling
$27 million. Net income in fiscal 2003 was
$32 million, or $0.28 per diluted share,
including $26 million in restructuring
charges and the positive effect of tax bene-
fits of $4 million. Our operating margin
increased 8 percentage points over fiscal
2003 to 11 percent.
Financial
Overview
Our planned release cycle for AutoCAD-based products—formerly 18 to
24 months—is now 12 months. The shortened cycle provides customers
with more frequent gains in functionality and productivity, while reducing
the revenue volatility that we have experienced in the past. By releasing
new products and retiring others each year, we’re decreasing the impact
of product cycles on our financial performance. Also contributing to the
predictability of revenues is the continued momentum of 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.