Autodesk 2013 Annual Report Download - page 109

dependent on Tech Data. Our customers through Tech Data are the resellers and end users who purchase our software licenses
and services. Should any of the agreements between Tech Data and us be terminated for any reason, we believe 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 our revenue.
Our primary goals for fiscal 2014 are to grow revenue from our current levels consistent with seasonal trends, manage our
operating margin, and to invest in product functionality and new product lines, including suites offerings, while controlling our
operating expenses. In addition, we will continue to look closely at our cost structure to find ways to improve our operating
margin while allowing continued investment in growth and productivity initiatives. There can be no assurance that we will
achieve our financial goals and improve our financial results. Additionally, we believe that unemployment rates and the
availability of credit to major industries we serve are important indicators for our business. If we are unable to successfully
achieve our major business initiatives or if global economic conditions deteriorate, we may not achieve our financial goals.
At January 31, 2013, we had $2,365.4 million in cash and marketable securities. This amount includes the aggregate net
proceeds of $739.3 million, after deducting the underwriting discounts and related offering expenses, from our December 2012
registered underwritten public offering of $400.0 million aggregate principal amount of 1.95% senior notes due December 15,
2017 and $350.0 million aggregate principal amount of 3.6% senior notes due December 15, 2022.
We completed fiscal 2013 with a higher deferred revenue balance and a higher accounts receivable balance as compared
to fiscal 2012. Our deferred revenue balance at January 31, 2013 included $733.5 million of customer maintenance contracts,
which will be recognized as revenue ratably over the life of the contracts. The term of our maintenance contracts is typically
one year but may be two or three year, or occasionally as long as five years. We repurchased 12.5 million shares of our
common stock for $431.2 million during fiscal 2013. Comparatively, we repurchased 9.7 million shares of our common stock
for $327.4 million during fiscal 2012.
Results of Operations
Fiscal Year
Ended
January 31,
2013
Increase (decrease)
compared to
prior fiscal year Fiscal Year
Ended
January 31,
2012
Increase (decrease)
compared to
prior fiscal year Fiscal Year
Ended
January 31,
2011
$ % $ %
(in millions)
Net Revenue:
License and other $ 1,390.6 $ 33.0 2 % $ 1,357.6 $ 185.5 16% $ 1,172.1
Maintenance 921.6 63.6 7 % 858.0 78.3 10% 779.7
$ 2,312.2 $ 96.6 4 % $ 2,215.6 $ 263.8 14% $ 1,951.8
Net Revenue by Geographic Area:
Americas $ 836.2 $ 37.7 5 % $ 798.5 $ 97.0 14% $ 701.5
Europe, Middle East and Africa 868.5 6.3 1 % 862.2 79.4 10% 782.8
Asia Pacific 607.5 52.6 9 % 554.9 87.4 19% 467.5
$ 2,312.2 $ 96.6 4 % $ 2,215.6 $ 263.8 14% $ 1,951.8
Net Revenue by Operating Segment:
Platform Solutions and
Emerging Business $ 849.7 $ 16.6 2 % $ 833.1 $ 116.9 16% $ 716.2
Architecture, Engineering and
Construction 694.3 67.9 11 % 626.4 58.4 10% 568.0
Manufacturing 573.8 33.5 6 % 540.3 70.3 15% 470.0
Media and Entertainment 194.4 (21.4) (10)% 215.8 18.2 9% 197.6
$ 2,312.2 $ 96.6 4 % $ 2,215.6 $ 263.8 14% $ 1,951.8
Fiscal 2013 Net Revenue Compared to Fiscal 2012 Net Revenue
License and Other Revenue
License and other revenue is comprised of two components: all forms of product license revenue and other revenue.
Product license revenue includes: software license revenue from the sale of new seat licenses, upgrades, product revenue for
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2013 Annual Report