Autodesk 2009 Annual Report Download - page 115

To a lesser extent, deferred revenue consists of deferred license and other revenue derived from collaborative
project management services, consulting services and deferred license sales. Backlog from current software
license product orders that we have not yet shipped consists of orders for currently available licensed software
products from customers with approved credit status and may include orders with current ship dates and orders
with ship dates beyond the current fiscal period.
Net Revenue by Geographic Area
Net revenue in the Americas region decreased by 3% during fiscal 2009 as compared to fiscal 2008, as a
result of a 15% decrease in revenue from new seats in the Americas and a 19% decrease in revenue from
upgrades, offset in part by a 16% increase in maintenance revenue. Growth in the Americas was affected by a
slowing economy that impacted growth rates for all of our products in fiscal 2009.
Net revenue in EMEA increased by 15%, or 9% on a constant currency basis, during fiscal 2009, as
compared to fiscal 2008, primarily due to a 39% increase in maintenance revenue and a 6% increase in new seat
revenue, slightly offset by a 1% decrease in revenue from upgrades. EMEA’s growth during fiscal 2009 was
primarily due to growth in the EMEA emerging economies, as well as in Germany, France, Switzerland, Italy,
Belgium and Sweden. The positive effect of the weaker value of the U.S. dollar relative to the euro, the British
pound and other European currencies also contributed to the increase in net revenue in EMEA. Had exchange
rates during fiscal 2008 been in effect during fiscal 2009, translated net revenue in EMEA would have been $53
million lower in fiscal 2009.
Net revenue in APAC increased by 7%, or 2% on a constant currency basis, during fiscal 2009, as compared
to fiscal 2008, primarily due to a 36% increase in maintenance revenue and a 3% increase in new seat revenue,
partially offset by a 4% decrease in revenue from upgrades. Net revenue growth in APAC during fiscal 2009
occurred primarily due to growth in Japan and Australia; net revenue from APAC emerging economies in fiscal
2009 was flat compared to the prior fiscal year. Had exchange rates during fiscal 2008 been in effect during fiscal
2009, translated net revenue in APAC would have been $27 million lower in fiscal 2009.
We believe that international net revenue will continue to comprise a majority of our total net revenue.
International net revenue represented 72% of our net revenue in fiscal 2009 and 69% of our net revenue in fiscal
2008. We started to experience some economic difficulty in international sales in the third quarter of fiscal 2009.
Global conditions have worsened since then, and the economic downturn significantly impacted our international
sales during the fourth quarter of fiscal 2009, particularly the robust business we had been seeing in emerging
economies. Net revenue in emerging economies grew by 14% from fiscal 2008 to fiscal 2009, primarily due to
revenue from the Russian Federation, other EMEA emerging economies and India. This growth was a significant
factor in our international sales growth during fiscal 2009. In contrast, fourth quarter fiscal 2009 net revenue in
the EMEA and APAC regions decreased 16% and 25%, respectively, compared to the fourth quarter of fiscal
2008, and net revenue from emerging economies declined 31% for the fourth quarter of fiscal 2009 as compared
to the same period of the prior fiscal year. Further economic weakness in any of the countries that contributes a
significant portion of our net revenue could have an even greater adverse effect on our business in those
countries. Changes in the value of the U.S. dollar relative to foreign currencies could also significantly affect our
future financial results for a given period.
Net Revenue by Operating Segment
Net revenue for PSEB increased 2% during fiscal 2009, as compared to fiscal 2008, primarily due to a 3%
increase in revenue from AutoCAD LT, partially offset by a 1% decrease in revenue from AutoCAD.
Net revenue for AEC increased 9% during fiscal 2009, as compared to fiscal 2008, primarily due to a 22%
increase in revenue from Autodesk Revit. This increase was partially offset by a 13% decrease in revenue from
AutoCAD Architecture. Also contributing to the increase in AEC’s net revenue during fiscal 2009 was an
increase in revenue from the Autodesk Robot Structural Analysis (Robobat) and Autodesk Navisworks products.
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