Autodesk 2009 Annual Report Download - page 113

We rely significantly upon major distributors and resellers in both the U.S. and international regions,
including Tech Data Corporation and its global affiliates (“Tech Data”). Tech Data accounted for 14%, 14% and
12% of Autodesk’s consolidated net revenue for fiscal 2009, 2008 and 2007, respectively.
We finished fiscal 2009 with $988.7 million in cash and marketable securities of which $7.6 million is
classified as long-term. This is an increase from the $957.7 million balance at January 31, 2008. We had a $50.0
million draw outstanding on our $250.0 million available U.S. line of credit at January 31, 2009. We finished
fiscal 2009 with $593.9 million of cash from operating activities as compared to $708.5 million during the
previous fiscal year. Operating cash flows declined primarily due to the significant decrease in net income and a
reduction of accrued bonuses and commissions. For the first quarter of fiscal 2010, we expect cash flow from
operating activities to be negative as a result of lower revenue combined with cash outlays in the quarter for
payments of the annual employee incentive plan and payments relating to the restructuring plan. In fiscal 2009
we purchased 8.0 million shares of our common stock for $256.6 million, and continued to invest in our business
through acquisitions, and investments in other growth initiatives. Comparatively, during the prior fiscal year we
repurchased 12.1 million shares of our common stock for $563.0 million and also completed several acquisitions.
We completed fiscal 2009 with a higher deferred revenue balance and lower accounts receivable balance as
compared to the previous fiscal year. Our deferred revenue balance at January 31, 2009 included $475.0 million
of customer maintenance contracts related to our maintenance program, which will be recognized as maintenance
revenue ratably over the life of the contracts, which is predominantly one year.
Results of Operations
Net Revenue
Fiscal Year
Ended
January 31,
2009
Increase (decrease)
compared to
prior fiscal year
Fiscal Year
Ended
January 31,
2008
Increase
compared to
prior fiscal year
Fiscal Year
Ended
January 31,
2007$ % $ %
(in millions)
Net Revenue:
License and other .............. $1,603.4 $ (15.2) -1% $1,618.6 $202.7 14% $1,415.9
Maintenance .................. 711.8 158.5 29% 553.3 129.4 31% 423.9
$2,315.2 $143.3 7% $2,171.9 $332.1 18% $1,839.8
Net Revenue by Geographic Area:
Americas ..................... $ 782.3 $ (21.2) -3% $ 803.5 $ 69.0 9% $ 734.5
Europe, Middle East and Africa . . . 1,003.4 127.9 15% 875.5 188.0 27% 687.5
Asia Pacific ................... 529.5 36.6 7% 492.9 75.1 18% 417.8
$2,315.2 $143.3 7% $2,171.9 $332.1 18% $1,839.8
Net Revenue by Operating Segment:
Platform Solutions and Emerging
Business and Other ........... $1,017.7 $ 20.6 2% $ 997.1 $118.2 13% $ 878.9
Architecture, Engineering and
Construction ................ 524.6 44.6 9% 480.0 97.6 26% 382.4
Manufacturing Solutions ......... 488.4 70.4 17% 418.0 84.7 25% 333.3
Media and Entertainment ........ 262.1 3.5 1% 258.6 24.0 10% 234.6
Other ........................ 22.4 4.2 23% 18.2 7.6 72% 10.6
$2,315.2 $143.3 7% $2,171.9 $332.1 18% $1,839.8
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