Autodesk 2011 Annual Report Download - page 102

We generate a significant amount of our revenue in the U.S., Japan, Germany, France, the United Kingdom,
Canada, Italy, South Korea, Australia and Belgium. Included in the overall increase in revenue were impacts
associated with foreign currency. Our revenue benefited from foreign exchange rate changes during fiscal 2011,
as compared to fiscal 2010. Had applicable exchange rates from fiscal 2010 been in effect during fiscal 2011 and
had we excluded foreign exchange hedge gains and losses from fiscal 2011, (“on a constant currency basis”), net
revenue would have increased 13% compared to the prior fiscal year. Operating expenses during fiscal year 2011
increased 2% compared to the prior fiscal year as reported and increased 3% on a constant currency basis.
Changes in the value of the U.S. dollar may have a significant effect on net revenue, operating expenses and
income from operations in future periods. We use foreign currency contracts to reduce the exchange rate effect
on a portion of the net revenue of certain anticipated transactions, but do not attempt to completely mitigate the
impact of fluctuation of such foreign currency against the U.S. dollar.
We rely significantly upon major distributors and resellers in both the U.S. and international regions,
including Tech Data Corporation and its global affiliates (collectively, “Tech Data”). Tech Data accounted for
16% and 14% of our consolidated net revenue during fiscal year 2011 and 2010, respectively. We believe our
business is not substantially dependent on Tech Data. Our actual customers through Tech Data are the resellers
and end users who purchase our software licenses and services. Should any of the agreements between us and
Tech Data be terminated for any reason, we believe that arrangements could be made so that the resellers and end
users who currently purchase our products through Tech Data would be able to continue to do so under
substantially the same terms from one of our many other distributors without substantial disruption to us.
Our primary goals for fiscal 2012 are to grow revenue and improve operating margin percentage by
delivering our market-leading products and solutions to our customers and investing in product functionality and
new product lines, including Suites offerings. However, there can be no assurance that we will achieve our
financial goals and improve our financial results.
At January 31, 2011, we had $1,466.9 million in cash and marketable securities. We completed fiscal 2011
with a higher deferred revenue balance and a higher accounts receivable balance as compared to fiscal 2010. Our
deferred revenue balance at January 31, 2011 included $509.5 million of customer maintenance contracts, which
will be recognized as revenue ratably over the life of the contracts, which is predominantly one year, but may be
two or three year, or occasionally as long as five year terms. We repurchased 9.0 million shares of our common
stock for $280.3 million during fiscal 2011. Comparatively, we repurchased 2.7 million shares of our common
stock for $63.2 million during fiscal 2010.
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